The midfield maestro has played a bit-part role for Barca this term.
It was suggested over the weekend that the Blues could swoop in the summer with Coutinho yearning for a Premier League return.
However, according to Catalan daily Mundo Deportivo, Valverde is desperate for the Brazilian to succeed at the Nou Camp.
It’s suggested the club want to persevere with their prized asset and will resist the urge to cut their losses.
La Liga expert Guillem Balague says speculation is being whipped up by Coutinho’s representatives.
“We expected much more, the fans did, Barcelona did,” he said on the Guillem Balague Transfer Show.
“Right now he seems like a very shy player who is not making a big enough impact into games.
“Even though he’s given the opportunity to grow and I’m sure at some point he will certainly improve.
“But linked to that and the fact that he’s not starting the big games and not starting every game, there are stories that come out in the English press, not the Spanish press, saying Manchester United one day and Chelsea the next.
“It would be easy to guess where those stories come from.
“Perhaps from the same people that actually went to Barcelona and said ‘what’s happening here?’
“Those are the representatives of Coutinho trying to put pressure to Barcelona.
“Barcelona have got no intention to get rid of Coutinho.
“We will see if this lack of impact continues down the line but right now Coutinho’s important to Barcelona, very important.
“Because they feel that he adds quality even though they realise that he’s not the midfielder that they thought they were getting.
“I always said he’s a forward and as such it’s where he’s going to play for Barcelona.
“But do not believe right now the stories that put him out of Barcelona.”
Coutinho might be viewed by Stamford Bridge chiefs as the long-term heir to Eden Hazard.
The Belgium international remains a top target for Florentino Perez after a tough few months at the Bernabeu.
Julen Lopetegui was dismissed after just a handful of games into the campaign.
His successor, Santiago Solari, is now on the brink after struggling to turn things around.