The 20-year-old Santos superstar is widely regarded as one of world football's brightest young talents, and has regularly attracted interest from a host of European clubs after a series of scintillating performances, both for club and country.
However, Real Madrid and Barcelona have also been monitoring the South American starlet's situation, and would likely provide stiff competition for Chelsea in the hunt for the player's signature.
Neymar has pledged his future to Santos and said he would be prepared to stay with the club until his contract runs out in 2014, but after his international boss' recent comments his situation may be subject to change.
"With regards to his atmosphere and the sense of belonging, him staying in Brazil is great," said Menezes. "But for a final development, for him to gain more respect, it would be important to play in Europe.
"Being there, there is no need for him to expose himself so much. The fact that he stayed in Brazil demanded contracts which took a lot of time to be drawn up."
Chelsea are in action tonight in their Champions League last-16 second leg clash with Napoli, and trailing 3-1, are on the verge of exiting Europe's top tier competition.
Under the stewardship of interim manager Roberto Di Matteo, the Blues will be hoping to turn around their inconsistent Premier League form, in the hope they will qualify for the same competition next season.
Failure to do so, could have a negative impact on their transfer activity in the summer, with no Champions League football likely to be an unappealing proposition for Neymar.