Brazil international Coutinho has seen Antoine Griezmann arrive at Camp Nou, while former Blaugrana favourite Neymar continues to be discussed as a possible target.
Coutinho's relatively unsuccessful 18-month stint at Barca could therefore be heading towards its conclusion, with Paris Saint-Germain, Manchester United and Liverpool mooted as potential destinations.
There were also claims Arsenal were looking at a temporary deal for the 27-year-old.
It was reported in Spain that Coutinho had turned the approach down, but Emery, while a fan of the player, says no such move was made.
"I like Coutinho as a footballer, but it is another thing that we are interested in him," the Arsenal boss told El Larguero. "We have never talked about Coutinho."
Arsenal was beaten 2-1 by Barcelona in the Joan Gamper Trophy on Sunday, but Coutinho, who recently returned from the Copa America, was an unused substitute for LaLiga's champions.
The Gunners are well stocked in attacking areas, with Nicolas Pepe arriving from Lille in a club-record move to support Pierre-Emerick Aubameyang, Alexandre Lacazette and Mesut Ozil.
Jurgen Klopp has also dismissed the possibility of Liverpool signing Coutinho.