Ernesto Valverde called the possibility of Neymar's return to his club "a fantasy" after reports published in Spain on Friday said the Brazilian has asked to come back to Barcelona.
The same report also linked him to a €400 million move to Real Madrid.
Paris Saint-Germain paid a world-record €222 million to activate Neymar's buyout clause with Barcelona last August.
AS reported that Barcelona's rivals Real Madrid have already told Neymar's father, who also serves as his manager, that they are willing to pay nearly double that amount and meet PSG's asking price of €400 million.
"It seems like a fantasy to me," Valverde said when asked about the chance Neymar could return. "We don't know where it's come from or where it's going to end. We aren't going to talk about suppositions."