Bayern will need to appoint a permanent successor to Carlo Ancelotti, who was sacked in September following a disappointing start to the campaign, with interim boss Jupp Heynckes adamant he will not extend his remit beyond May 2018.
Hasenhuttl has impressed as coach of upwardly mobile Leipzig, overseeing the club's maiden season in the Bundesliga which finished with them as runners-up to Bayern in 2016/17 - his first in charge after joining from Ingolstadt.
The 50-year-old was asked about the links with Bayern prior to Leipzig's trip to Hoffenheim on Saturday but laughed them off, insisting the successful candidate will have more experience on a bigger stage.
He told reporters: "I don't think Hasenhuttl can be a candidate for Bayern.
"Bayern are able to sign any manager in the world. At this level it's important I am competing at the business end of the Champions League and I am not there at the moment.
"I just need a few years so that's no issue at all."
Leipzig continue to offer the greatest threat to Bayern's recent dominance domestically in Germany - they trail Heynckes' side by three points after 13 games - but will face stiff opposition at the Rhein-Neckar-Arena in the form of Hoffenheim and their coach Julian Nagelsmann, another to have been linked with the Allianz Arena hotseat.
Hasenhuttl added: "Hoffenheim have great quality and have developed enormously under Julian Nagelsmann. They are a very flexible team."