The England international was the subject of two bids from the Blues during the recent transfer window, with reports suggesting that £6million was put on the table.
Norwich were, however, reluctant to sanction the sale of their first-choice goalkeeper and rebuffed the approaches from Stamford Bridge.
Ruddy, while left to reflect on what might have been, understands their stance and remains fully committed to the Carrow Road cause.
The 26-year-old told the Pink Un: "The club didn't get an offer they deemed acceptable.
"I was flattered by the interest and I thank Chelsea and (Jose) Mourinho for that - and the level of interest they showed as well.
"But it wasn't to be. It was all sorted fairly early doors before we started pre-season, so I was ready to get my head down and work hard for Norwich, and to try and maintain my performances that I had last year."
Ruddy added: "It was very nice, very flattering, but it was something the club didn't want to look at and they were well within their rights. I've signed a long-term deal here and I wouldn't have signed that if I wasn't happy to see it out.
"I'm more than happy to be at Norwich. It was one of those where if it didn't happen, then so be it. I'm not going to kick up a fuss and force my way out."
On his form so far this season, and his international ambitions in a World Cup year, Ruddy said: "Trying to maintain that position in the England squad is key for me outside Norwich, but first and foremost I need to start putting in performances here.
"They've been okay this season but I'd like to get a bit more from myself and really start picking them up like I did before I got injured last year. But the coaching I'm getting from Dave (Watson), working with Mark (Bunn) and Carlo (Nash), it's brilliant. I'm really enjoying it and looking forward to the rest of the season."