The German is the third man to take the reins at Craven Cottage this season and is charged with steering the club clear of the relegation zone.
He was denied a victory in his opening game in charge against West Brom on Saturday, Matej Vydra scoring late on to seal a 1-1 draw and extend Fulham's winless run in the league to seven matches.
Rock-bottom Fulham are in very real danger of losing their top-flight status but, even if that does happen, Magath insists that he is in it for the long haul.
"I am convinced we are able to challenge the best as I definitely have the ambition to establish myself as a Premier League manager," he said in quotes reported by Sky Sports.
"There is no doubt what my aim is. Still, I have signed a deal with Fulham and this deal is valid for the Championship."
Fulham were promoted to the Premier League in 2001 and have twice come perilously close to dropping back down, surviving by one point in 2007, and on goal difference in 2008.
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