The Owls head coach says he has not discussed the sale of key players.
Sheffield Wednesday head coach Carlos Carvalhal
Burnley were previously linked with a move for Lees, following a bid from Leicester City for Michael Keane.
Owls defender Tom Lees
But according to Carvalhal, Wednesday's focus is on incomings only with chairman Dejphon Chansiri not looking to sell anybody this window.
Asked if the Owls had had any enquiries for key players, the Portuguese told the Star: "Absolutely nothing. Nobody has mentioned anything to me.
"The chairman has told me he doesn’t want to sell anybody and I have never had a conversation with him over selling a player.
"We are just talking about buying or loans."
Though Scotland striker Steven Fletcher is Wednesday's only summer recruit so far, the Owls have retained a squad of 25 senior players.
Steven Fletcher is Wednesday's only summer recruit so far
And it is expected that some fringe players will depart Hillsborough before the transfer window closes, despite Carvalhal's comments.
The 50-year-old admitted after Wednesday's friendly draw at Alfreton that his side are still short at both left- and centre-back.
Owls captain Glenn Loovens (R) has been ruled out for up to two months