Early on Christmas Day news broke that the club had agreed an £18 million deal with Brighton & Hove Albion for their French striker.
However, sources have told The Scotsman that the reports are nonsense.
Dembele has constantly been linked to various clubs since making the move to Celtic Park from Fulham.
Brighton manager Chris Hughton told Sky Sports News of his admiration for the French Under-21 international.
He said: “He’s a very good player who has had a very good season. He is not our player he just happens to be one of probably 100 names you could mention that I probably would [want].”
Since moving to Celtic in 2016 Dembele has hit 40 goals in 68 games, as well as seven goals in ten outings for the French under-21 side.