Having been left out of Argentina's squad for the friendlies with Italy and Spain, Dybala - who has been linked with a move to Atleti as a replacement for the reportedly Barcelona-bound Antoine Griezmann - was spotted with Simeone at a restaurant in Madrid during the international break.
Juve boss Massimiliano Allegri has since laughed off speculation that the meeting indicated the 24-year-old would soon be moving to the Wanda Metropolitano, and Simeone was quick to clarify the circumstances of his encounter with Dybala.
"It is a pity that there are times when the information is not good," Simeone told reporters at his pre-match press conference ahead of Atleti's clash with Deportivo La Coruna.
"You do not have images and you get confused. I met him, we chatted, I told him what I thought of him, since he is a great player.
"I dined alone, I did it with friends, and there was no more.
"There are people, there are journalists, they do it well, others badly. The world depends on information and I am happy that good information is given."
Two defeats in their last three La Liga matches have all but ended Atleti's title challenge, with Barcelona now 11 points clear at the top, while local rivals Real Madrid sit four points behind Simeone's side.
And the Argentine was adamant that Atleti will have to be at their best on Sunday to see off a Deportivo side scrapping for survival, backing coach Clarence Seedorf to have success in management.
"They have a good coach, with great charisma, and the team has deserved to win several games. I always have a great memory of the clashes with Seedorf, I predict the successes as a coach he had as a player," Simeone added.
"We're going to face a team that need to win, such a team is very dangerous. We want to maintain our good form, despite the result against Villarreal."