Can the mere expectation of a sensory event being about to occur on an artificial limb be sufficient to elicit an illusory sense of ownership over said limb? This issue is currently under debate and studies using two different paradigms have presented conflicting results. Here, we employed the two relevant paradigms, namely, the magnetic touch illusion and the “tactile expectation” version of the rubber hand illusion, to clarify the role of tactile expectations in the process of attributing ownership to limbs. The illusory senses of ownership and ‘magnetic touch’ were quantified using questionnaires, threat-evoked skin conductance responses and a combination of motion tracking synchronized with real-time subjective ratings and skin conductance. The results showed that the magnetic touch illusion was dependent on concurrent visual and tactile stimulation and that visually induced tactile expectations alone were insufficient. Moreover, in this study, tactile expectations were not associated with the rubber hand illusion, neither in terms of subjective ratings nor skin conductance changes. Together, these findings contradict the notion that the brain uses predictions of upcoming sensory events to determine whether or not a limb belongs to the self, and, instead, emphasize the importance of correlated multisensory information.