It was reported that Neymar's father and agent held up the €222m deal in order to trigger a loyalty payment that would be owed after July 31, as part of the new contract the player signed with Barca last October.
However, Barca spokesperson Josep Vives says Neymar's talks with PSG meant he was in breach of the terms of that agreement and that the fee, reportedly totalling €26m, would not be paid.
"The cheque is no longer with the notary, it's at the club," Vives said at a news conference.
"There were three conditions: one, that the player does not negotiate with another club in the last three months before July 31.
"Two, that he will express publicly his commitment to fulfil his contract.
"Three, the collection was to be made on September 1, to ensure that he did not go to another club.
"Given these breaches, the club is not going to liquidate the cheque for his renewal."
Barca had stated on Wednesday that the fee would initially "remain deposited with a notary until the case is resolved".