The Bayern Munich legend has had no interaction with the city's second club about joining their backroom staff, after Sven-Goran Eriksson turned down a similar role last week
The former Bulgaria coach was reported to be in talks with 1860 managing director Robert Schaefer regarding taking up a role alongside current trainer Alexander Schmidt, but insists he has had no contact.
"There have been no talks. There's nothing to it," he told Sky Sports.
The former Bayern Munich defender is the second big name to be linked with the club after Sven-Goran Eriksson turned down an offer with the second division side.
Matthaus has also been linked with La Liga outfit Mallorca, but revealed he is holding out for the right role as he looks to return to the game after 18 months out.
"My next shot at coaching has to be stable, so I will wait until the right offer finally comes for me."