Both clubs have reportedly been considering splashing the cash to bring the former Borussia Dortmund star to the Premier League.
The 21-year-old has had a tough start to his Barcelona career after his big-money summer move and has found himself out of favour at the Nou Camp.
It has sparked much speculation about his future with Unai Emery and Jurgen Klopp amongst those reportedly ready to offer him a way out.
But team-mate Nelson Semedo revealed he is “totally committed” to Barcelona and not thinking about a move.
Pep Guardiola livid over Frenkie de Jong transfer as Man City U-turn lets in PSG
“He is an excellent player, with a lot of potential and will help us a lot,” Semedo told ESPN .
“He is totally committed to the team. Now he is more responsible and is showing it in the field.
“It must continue like this, and I am convinced that it will.”
There is still a chance Dembele could be tempted by a move away from Barcelona, but he has become increasingly involved after shaking of thigh and hamstring troubles in recent weeks and appears set to stay.