Local media outlets have linked Matos with the managerial role at Swansea, who currently sit 18th in the Championship and recently parted ways with Alan Sheehan after a difficult run of results.
The 36-year-old Portuguese coach has five years of experience in English football, having been part of Liverpool’s backroom staff under Jurgen Klopp.
In a statement, Maritimo emphasised "the club’s rights are protected" and that "any departure can only occur if the full €1 million (£880,000) release clause is met, with no exceptions or parallel negotiations".
The club described the attention surrounding Matos as "natural", given that this is his first season as a head coach, and reaffirmed their "confidence and alignment with sporting objectives".
Under Matos’ guidance, Maritimo have recorded five wins, two draws and three defeats in Liga 2, placing them third in the table, level on points with Torreense in second, and two behind leaders Sporting B.
Maritimo’s next match is against Penafiel on Sunday afternoon in Funchal.