1‐Methyl‐norbornene ester 9 and 1‐methyl‐2,3‐diazabicyclo[2.2.1]heptene ester 10 were employed in intermolecular Pauson‐Khand reactions with various terminal alkynes 11a‐f to give the dimethyl 1‐methyltricyclo[5.2.1.05,9]dec‐7‐en‐6‐one 2,3‐dicarboxylates 12 and 13, and diethyl 2,3‐diaza‐1‐methyltricyclo[5.2.1.05,9]dec‐7‐en‐6‐one 2,3‐dicarboxylates 14 and 15, respectively. Whereas the co‐cyclization of norbornene 9 with alkynes 11 bearing small substituents R resulted in the preferred formation of 12 (12:13 ≤ 85:15), regioisomer 13 was obtained as the major product when sterically bulky alkynes were employed (12:13 ≥ 6:94). For 2‐methyl‐3‐butyn‐2‐ol 11e a strong temperature dependency of the regioselectivity was found. The ratio of regioisomers (12e:13e) changed from 95:5 at ‐25 °C to 12:88 at 120 °C in toluene. In contrast, reactions with 2,3‐diazanorbornene 10 showed only moderate regioselectivities in favour of 14 (14:15 ≤ 69:31), regardless of the temperature and the size of R. The observed regioselectivities support a mechanism for the Pauson‐Khand reaction in which the apical rather than the basal anti oriented carbon monoxide ligand of cobalt alkyne complex 1 is replaced by the alkene.