The F1 grapevine is currently alight with speculation the 2008 world champion - who flirted with Red Bull until the energy drink-owned team re-confirmed its existing lineup for next season - is about to jump ship to Mercedes.
Boss Horner told Austrian television Servus TV he is relieved Red Bull is not caught up in the rumours.
"But it is interesting to look at all the games and see who will be sitting in the seats when the music stops," the Briton reportedly said.
"If you believe Eddie Jordan then Hamilton's going, and if you believe Bernie, then Schumacher is going back to retirement," said Horner.
"As always there's a lot of talk, but when the music does stop, I don't think much will have changed," he insisted.
Former F1 driver Christian Danner agrees with Horner that his "gut feeling" is that Hamilton will stay put.
"The Hamilton story is about his position at McLaren -- about how he can market himself to the world and what rights he gets.
"But if he listens to his racing heart, he will stay at McLaren, where he has the best chance to be world champion again. Period," he added.