Taggart was added to the club's coaching staff by Megson, who has been tipped to try and take the former Foxes defender with him to the Reebok Stadium.
Taggart, who will be acting assistant manager under Frank Burrows for Saturday's home game against Barnsley, insists that his heart lies with Leicester and he does not want to leave the club where he spent almost six years as a player.
He said: "I can honestly say that I have had no contact whatsoever from Gary (Megson) about joining him at Bolton, and even if I had I would not go there. I am not interested.
"I am happy here at Leicester and I am over the moon that I have been given an opportunity to coach here."