Muguruza, ranked 15th in the world, became only the fifth player outside the top ten to win the women’s singles on Saturday by beating Venus Williams 7-5, 6-0.
The Spaniard will rise to five when the list updates this morning and can have realistic aspirations of snatching top spot, with Serena Williams pregnant and taking time off.
After adding a second grand slam title to the French Open she won last year, however, Muguruza insisted her eyes were only on winning more major trophies.
“I don’t care [about rankings], I think unless you’re number one, because that is something incredible,” Muguruza said.
“I have been two, I have been three and I have failed to win a grand slam and there is no comparison. It’s about just having the trophy, having to play all the matches, you have to play seven matches to win a grand slam.
“You can play number one or three but it’s a different feeling.
“Hopefully I can be number one one day and compare but for now I’d rather be ten and win grand slams than be number one.”
Karolina Pliskova will take over from Angelique Kerber at the rankings summit today, despite the Czech losing in the second round at Wimbledon.
Asked about moving to world No 1, Muguruza said: “If I keep playing good and winning matches and tournaments I will get the chance eventually.
“But it’s a consequence. I am not thinking I have to be number one.”
Muguruza was hailed as the future of women’s tennis when she triumphed at Roland Garros 13 months ago but she subsequently struggled with the weight of expectation.
Second-round exits followed at both Wimbledon and the US Open but Muguruza seems to have regained her groove this year.
“It was very difficult to deal with the success,” Muguruza said.
“You have all this expectation. Hopefully I can just be humble, keep working and not expect my form to be incredible every match. It’s not the case.
“I have a very aggressive game which means one day I can be more up or more down. Hopefully I keep it the same way for a longer time.”
Muguruza might also do well to hold on to Conchita Martinez, her fellow Spaniard and 1994 Wimbledon champion who has been filling in as her coach at SW19.
The 23-year-old’s regular coach Sam Sumyk has been absent with his pregnant wife but she would not rule out Martinez, pictured left, staying on with the team.
“Everyone is asking me this question all of a sudden but it was for a moment, for a tournament because Sam couldn’t come,” Muguruza explained.
“She’s working for Spain in the Fed Cup as well so so far it’s just for now, we didn’t talk about that part yet, but maybe. Maybe.”