The Bundesliga outfit confirmed they have met Barca representatives but the offer for the 20-year-old did not meet their valuation of the France global.
Callum Bunce of Ladbrokes said: "Dembele couldn't have made his intentions any clearer with his recent actions, and the money suggests it's surely only a matter of time before the club let go of their prized asset".
German tabloid Bild reported that Dortmund wants an eye-watering 150 million euros (US$175 million) for its star, a price Barcelona appears unwilling to pay.More news: Christy Clark resigns in British Columbia
Ed Aarons of the Guardian claimed that Dembele is now in Paris awaiting permission to fly to Barcelona to complete a transfer, but Dortmund's latest statement tells a very different story. BVB have turned this offer down.
"During this meeting, the representatives of FC Barcelona submitted a bid which did not match the player's extraordinary footballing ability or value to the club, nor the present economic market situation of the European transfer market".
"As there is no other offer on the table, a transfer by the player to FC Barcelona is not at this time expected nor now very likely", said a club statement.
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"I'm not a phenomenon, I'm just trying to be decisive for my team-mates, there are a lot of talented young people in football", a modest Dembele said last March.
'Dembele didn't show up for training today, ' Bosz told reporters.
Dortmund only signed Dembele from Rennes last summer for €15m and the Frenchman has impressed in his debut season in the Bundesliga.More news: Venezuela government says arrests made after reports of military uprising