Spurs were considering a bid for the Netherlands international but the Dutch club insist they have received no contact from the north Londoners over the winger
Goal revealed on Tuesday that Spurs were considering a bid for the Netherlands international, whilst it was widely reported elsewhere that the north Londoners had placed an official bid for the winger - also a Manchester United target - and that Nacer Chadli has been offered in part exchange.
However, the Dutch club maintain Depay will be involved in their Europa League qualifier on Thursday night and expect him to stay beyond this summer.
"There has been no contact from Spurs whatsoever," a PSV spokesperson told Sky Sports.
"Our sporting director Marcel Brands stated to Dutch media yesterday that he expects Memphis to stay at the club and Nacer Chadli is not of interest to us.
"We are in Austria at the moment for our Europa League game against SKN St Polten and Memphis is in the squad. He is fully focused on the game."
Depay burst onto the scene during the World Cup, coming off the bench to score against Australia and Chile in the group stages, having netted 14 goals in all competitions for PSV in 2013-14.