But he refused to answer questions over the report, saying "private matters should be dealt with privately".
Mr Hollande was speaking at his first news conference since the allegations in the magazine Closer last week.
He said he would clarify whether Valerie Trierweiler was still first lady before a February trip to the US.
He plans to travel to Washington on 11 February.
On Friday, Closer printed a seven-page article about the alleged affair between Mr Hollande and Ms Gayet.
It was illustrated with photos showing a man said to be the president visiting a flat near the Elysee Palace at the same time as Ms Gayet.
Mr Hollande, who has never married, left his previous partner, fellow Socialist politician Segolene Royal, to be with Ms Trierweiler.
The scandal comes at a difficult time for Mr Hollande, with opinion polls already suggesting he is one of the most unpopular French presidents ever.
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