The Westdeutsche Allgemeine Zeitung had reported that club sources had said the board had decided to part ways with Magath, whose contract runs to 2013, by the end of the season.
"No one (at the club) has talked to me about it," Magath told football magazine kicker online on Wednesday, hours before his team host Spain's Valencia in their Champions League last-16 second leg.
"I do not know anything about it and as far as I am concerned I will complete my contract that runs to 2013."
The club did not comment on the report telling Reuters it was not going to issue any statement.
The 57-year-old Magath, in his second season after steering VfL Wolfsburg to the German title in 2009, had pledged to win Schalke's first league title in more than half a century within four years.
But after finishing runners-up last season, Schalke are struggling this term and are languishing in 10th place just five points above the relegation play-off spot.
Schalke did advance to the German Cup final and improved their chances of playing European football next season after eliminating holders Bayern Munich in the semi-finals last week.
The most powerful man at Schalke, Magath, who has been fighting a running battle with the club's fans for months, is not only the team's coach but also the club manager as well as an executive in the organisation.
