The European champions have been heavily linked with a move for the Brazil forward as a big-name replacement for Cristiano Ronaldo, who joined Juventus in a deal worth €100m (£88m/$117m) plus €12m (£10.5/$14m) in additional charges .
Neymar, who scored twice at the World Cup in Russia, was already believed to be in the club's sights prior to Ronaldo's shock decision to pursue a new opportunity.
"Given the constant information linking the PSG player Neymar with our club, Real Madrid CF wants to clarify that it has no plans to make any offers for the player," a club statement read.
"The relationship between the two clubs is extraordinary, so that, if at some point Real Madrid were considering signing a PSG player, the first thing it would do would be to go to his club."
It is the second statement Madrid have made to dismiss rumours of interest in Neymar in July, having already denied talk of a €310 million (£275m/$360m) transfer.
Neymar became the world's most expensive player when he swapped Barca for PSG in a staggering €222m (£195m/$260m) deal less than 12 months ago.
Despite completing a domestic treble, he is rumoured to have already grown frustrated in Paris with a last-16 exit at the hands of Los Blancos prematurely ending the Ligue 1 club's hopes of winning the Champions League.
Madrid's decision to turn their attention away from Neymar could see them step up their reported interest in Chelsea's Eden Hazard, while Kylian Mbappe has also been described as a potential heir to the throne left vacant by Ronaldo, the club's all-time leading scorer.