The Blues were given permission to talk to the Brazilian whizkid this week after matching a £40million buy-out clause.
Four other clubs from across Europe were also in the hunt having agreed to meet the bumper release fee.
But now president Luis Alvaro de Oliveira has thrown the move into chaos by insisting Neymar is going nowhere.
Oliveira said: "In light of continuous speculation in the national and international press about the future of our player, I feel obliged to communicate the departure of Neymar is non-negotiable.
"Neymar is a media phenomenon known throughout the world. His talent for brilliant moves on the field is proportional to his charisma.
"In any case, the response of Santos is that we are not yet considering any offer for his transfer."
The Brazil striker, 19, is currently on international duty at the Copa America.
And Oliveira added: "The fans love Neymar, not only how he plays, but for his human qualities.
"That love is shared by millions of other Brazilians who admire him regardless of the club to which he belongs.
"Neymar will return to Santos after the Copa America and we will make efforts to retain and keep him happy for many years."
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