The 'Started From the Bottom' rapper was romantically linked to the 'Diamonds' singer in 2009 and although they had a brief fling they are now just friends.
He told Rolling Stone magazine: "She's the ultimate fantasy. I mean, I think about it. Like, 'Man, that would be good.' We have fun together, she's cool and s**t. But we're just friends. That's my dog for life."
Drake said in 2011 Rihanna had unintentionally broken his heart with their on/off relationship, which came in the wake of her split from singer Chris Brown.
He said: "At the time it hurt, but she didn't mean to. I'll never put that on her. I was hurt because I slowly started to realise what it was. I guess I thought it was more."
The 27-year-old rapper also says he's matured in the way he looks at women, but still hasn't found a girlfriend yet.
He added: "I'm not after p***y like I was three years ago, when I was trying to make up for all the years when no girl would talk to me. But I haven't met somebody that makes everybody else not matter."