Magath took charge of Fulham on Friday after the Premier League club ended Meulensteen's brief spell at the helm, but reports suggest the deposed head coach was not sacked and might be offered a backroom role.
Assistant manager Ray Wilkins and first-team technical director Alan Curbishley also remain at Craven Cottage for now, and Magath is yet to make a decision about his staff.
"We signed last Friday night, so the time is too short to make up our mind about this stuff," said the German coach.
"I have only time now to work with the players and prepare the team for the most important game next Saturday. We will talk about the stuff afterwards."
Fulham are bottom of the table, four points from safety, and have just 12 games to drag themselves to safety.
Magath has taken his first training session ahead of next weekend's trip to fellow strugglers West Brom and is confident he can save the Cottagers.
"Yeah, I am sure I can [keep Fulham up] because I have done it sometimes before in Germany," said Magath.
"I have taken over clubs in a similar situation, and I am very confident I can do it once more here in England with Fulham.
"I think 12 games are enough to keep them in the Premier League and we need confidence now. We need spirit and we will start next Saturday at West Bromwich.
"If the players, the staff and fans will support us 100 per cent and the players give 100 per cent in the next days, I am sure we have the potential to avoid relegation."
The 60-year-old has only managed in his native Germany, but has already worked with Lewis Holtby, Sascha Riether and Ashkan Dejagah, and is pleased with the quality of his squad.
"I know not only the German players, but the international players very well," said Magath.
"I would think that we would have a team that has more potential than what we have shown.
"I am sure that we will do that in the next games, show our fans, who I hope will support us in our most important game next weekend against West Bromwich, that we can do better than our last games."