The Bayern Munich legend has had no interaction with the city's second club about joining the backroom staff after Sven-Goran Eriksson turned down a similar role last week.
The former Bayern Munich and Germany legend and one-time New York/New Jersey MetroStars player was reported to be in talks with 1860 managing director Robert Schaefer regarding taking up a role alongside current manager Alexander Schmidt, but insists he has had no contact.
"There have been no talks. There's nothing to it," he told Sky Sports.
Matthaus is the second big name to be linked with the club after Sven-Goran Eriksson turned down an offer with the second division side that employs 20-year-old American striker Bobby Wood. Matthaus has also been linked with La Liga outfit Mallorca, but he 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."