His assistants ran the session with Schalke staying silent and saying a comment would be made "in the coming days."
Magath denied reports before the game against Valencia on Wednesday he was being forced out at the end of the season but club officials have yet to confirm or deny the reports.
Schalke, last season's Bundesliga runners-up, are struggling in 10th place, five points off the relegation play-off spot, with Magath the subject of fan protests.
His numerous signings, 40 in 18 months, have mostly failed to deliver, hurting the debt-ridden club.
Schalke beat Bayern Munich last week to book a German Cup final spot and increase their chances of playing European football next season.
They reached the Champions League quarter-finals for only the second time with a 3-1 win over Valencia and a 4-2 aggregate victory.
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