Speaking after an arbitration panel dismissed an appeal against the Premier League's decision not to deduct the Hammers points for the controversial signing of Tevez last year, Magnusson admitted the Argentine could remain at West Ham next season.
Tevez has attracted interest from Liverpool, Manchester United, Arsenal, Real Madrid and Inter Milan, but Magnusson hopes Tevez will honour his three-year deal at Upton Park.
Magnusson said: "I would like to reiterate that Carlos Tevez is a registered West Ham player with a playing contract that still has three years remaining on it and that situation remains unchanged."
Meanwhile, West Ham's latest signing Julien Faubert insists it was a logical choice to choose his new club over Rangers.
Faubert refused to train with Bordeaux last week in an effort to secure a move to the Scottish giants.
But the 23-year-old midfielder, who has one France cap, revised his decision on where to play when Premier League side West Ham made their interest known.
He said: "Between Glasgow and West Ham, there were not too many questions.
"West Ham are a Premier League club. That was a dream. I love this league. It suits my game."
Faubert, who West Ham have spent £6.1million on, told French radio station RMC his strike action was justified.
He said: "Sometimes you have to take extreme measures. I used that to show my unhappiness.
"It was not a lack of respect towards the club. I will never disassociate myself from Bordeaux, because they are a club who have been enormously useful to me in my career, who made me progress and allowed me to become an international.
"They remain a club very dear to me, like Cannes where I started."