The star revealed that while the women - one in France and one in the US - occasionally "get jealous", they are both aware of the predicament and are supportive of his romantic approach.
"I have a girlfriend in Paris and a girlfriend in San Francisco, and they're really close to me. But I'm not ready emotionally to give yet," he told Star magazine.
"I tell them, 'I need to take time for me, I need to grow and find out who I am totally, before I can take care of you'."
Hasselhoff added: "I'm just being honest, they'll read about it and they get jealous, because I'm an honest person. I treat them with respect, just as I would like to be treated."