Reports emerged over the weekend claiming that the Red Devils are keen to open negotiations with representatives of Benfica to discuss the availability of the 19-year-old midfielder.
Neves has established himself as one of Europe's most sought-after midfielders and a first-team regular for Benfica ever since former teammate Enzo Fernandez departed the club to join Chelsea in a reported £107m deal in January last year.
The three-cap Portugal international has made a total of 49 first-team appearances for Benfica in all competitions, including 26 starts so far this season for Roger Schmidt's side, who sit second in the Primeira Liga table.
Neves has a contract at the Estadio da Luz that runs until June 2028, which includes a €120m (£103m) release clause, and Benfica have made it clear that they do not wish to entertain negotiations or offers for the midfielder.
An official statement from Benfica released on Tuesday read: "Sport Lisboa e Benfica denies the existence of any right of preference over its player Joao Neves.
"Under no circumstances did Sport Lisboa e Benfica enter into talks with Manchester United or any other club about this player from their formation - nor does it intend to do so - so any information that points in another direction is false."
Benfica's statement comes a month after manager Schmidt insisted that none of his first-team players have a desire to leave the club.
"We are halfway through the season and we have big goals. We certainly won't let any of these players leave. We need them and no one wants to leave, so there's no question," Schmidt told reporters.
"I talk to them every day, all of them. We're in the middle of the season, we have big goals with Benfica. Of course we're not going to let these players leave, we need them and they don't want to leave. There's no question about that."
Man United and Benfica are believed to be in talks over a different player, though, as Red Devils left-back Alvaro Fernandez is reportedly close to joining the Portuguese club on loan after having his temporary deal at Granada cut short.
Since the arrival of manager Erik ten Hag in May 2022, Man United have signed three midfielders on permanent deals in the form of Casemiro, Christian Eriksen and Mason Mount, while Sofyan Amrabat moved to Old Trafford last summer on an initial loan deal with an option to buy.
However, Ten Hag is believed to be keen to bolster his midfield ranks further, especially with Hannibal Mejbri having completed his loan move to Sevilla and with Casemiro's long-term future at the club believed to be uncertain.
Man United have also been tipped to recruit a new centre-back and centre-forward at some stage this year, with Bayern Munich's Matthijs de Ligt, Barcelona's Ronald Araujo and Bologna's Joshua Zirkzee recently emerging as possible targets.