Zuma's detractors say that his continued tenure as state president will severely hamper the ANC's efforts to decisively win the 2019 elections.
After the meeting ended, a member of the leadership who asked not to be named said the issue had not come up.
He was briefing the media on the sidelines of a special national executive committee meeting held on Wednesday, just days before Ramaphosa delivered his first January 8 statement in celebration of the ANC's 106 years of existence.
Magashule said the president and the president of the ANC are "meeting and engaging".
Zuma's sacking previous year of Finance Minister Pravin Gordhan triggered downgrades of South Africa's credit rating to junk status, significantly raising borrowing costs for Africa's most industrialized economy.
Few currencies could match the tumultuous rand over the course of 2017, with worldwide factors such as the inauguration of Donald Trump, and internal factors including the firing of finance minister Pravin Gordhan and the appointment of Cyril Ramaphosa as ANC president contributing to the R2.04 price swing of the course of the year. This is despite previous reports that his ousting was on the agenda by ANC officials who want him out.
"Ramaphosa has to chart a very careful course so he can win broad ANC support and negotiate a dignified exit for Zuma", independent political analyst Daniel Silke said.