The 20-year-old attracted the attention of the Liga champions after strong performances for Las Palmas, who finished 11th in the Spanish top flight last season.
"We have received no offers for any UD Las Palmas players in our offices with the exception of one from Barcelona for Lemos, the figure of which was very far from what we would consider interesting," president Miguel Angel Ramirez told a news conference.
Spanish media reported that Barca bid four million euros ($4.5 million) for the Uruguay Under-23 international who made 10 league appearances for Las Palmas.
Lemos, who left Uruguayan side Defensor for Rubin Kazan in Russia last year, joined Las Palmas in January on loan and they signed him to a five-year contract at the end of the season.
Barca are looking to strengthen their defensive line after announcing that Dani Alves and Marc Bartra will leave the club.
($1 = 0.8807 euros)