Nagelsmann is understood to be a long-term target for Bayern, having worked wonders during his two years in charge at the Rhein-Neckar-Arena.
Despite previously hinting that he would be interested in returning "home" to Bavaria, however, the former 1860 Munich defender has played down suggestions that he is close to taking over at Bayern.
"Do not include me in the speculation," he told Sport1. "My media department has kept everything away from me."
Nagelsmann, under contract with Hoffenheim until 2021, has lost 13 of his 59 matches in charge of the club.