The Italy skipper will be out of contract at Real by the end of the season, and recent reports linked him with a return to either Napoli or Juve.
However, the news was met by dismay from both clubs' fans, as the Juventus faithful are still bitter about the way Cannavaro left the club in 2006.
"I understand that back then Juve fans expected a different type of behaviour on my part, but my move to Real Madrid was decided by the club," Canna confirmed.
"In fact my relationship with the new directors and the old players has remained very good in the last few years."
Cannavaro joined Los Merengues after Juventus were demoted to Serie B in the aftermath of the Calciopoli scandal.
Napoli Rift
The 35-year-old similarly fell out of favour with some Napoli fans, after news that he snubbed his hometown club because they can't afford his wage demands.
"Obviously there has been some sort of communication breakdown with Napoli," added the former Parma man.
"There have never been any talks, nothing came forward and it was complicated. My agent and brother live in the city."
Cannavaro was not happy with the way Napoli president Auerlio De Laurentiis responded to his possible return to the club.
"De Laurentiis did it all by saying that he didn't want a 35-year-old and then apologised without ever calling me personally.
"I am sorry, I didn't like his tone. In my opinion he made a bad impression also because my stats this season aren't so bad."