The phenomenal 23-year-old striker was asked if he would be joining Real Madrid any time soon in an interview with CNN, and he had a sharp response.
"Not in January," said Mbappe, who Madrid tried to buy in July with an audacious bid of €180 million.
PSG had just signed Lionel Messi from Barcelona but turned down Madrid's hefty offer.
But with the transfer market about to reopen, Madrid are expected to make another move.
Mbappe poured cold water on that a day after picking up "Best Men's Player of the Year" from Globe Soccer at a ceremony at the Burj Khalifa in Dubai.
"I'm with PSG and I'm happy. I'll finish the season here 100 per cent," he said.
"I'll be giving everything to win the Champions League, the championship and the French Cup," he added before refocussing on Madrid, who his club meet in the next round of the Champions League.
"The main thing I have in mind is beating Real Madrid in February and in March," he said.
Mbappe said he had no regrets over revealing his desire to join Madrid.
"I was being honest, saying what was in my heart," he said.
In October Mbappe confirmed he had told Paris Saint-Germain last July he wanted to leave the club.
The French World Cup winner has declined a contract extension as the clock ticks down.
Mbappe joined PSG from Monaco for a deal worth a total of €180 million in 2017.