The Portuguese full-back has been tipped with a transfer to Stamford Bridge, with Mourinho said to be a keen admirer of his talents from his time in charge with Madrid.
However the Special One has now claimed that he will not make any attempt to bring in the 25-year-old during the January transfer window, as he has no need for him.
Speaking to reporters ahead of Chelsea's Premier League clash against Southampton this Sunday Mourinho admitted that he always looks to bring in Portuguese players but will not be adding another in January.
"I always have them [Portuguese players] and in this moment it’s enough. We don’t need [Coentrao]," the Blues boss said.
His comments come off the back of speculation that highlighted Coentrao as a possible loan signing in January. Mourinho also rejected the idea of bringing in another striker, but it's his comments concerning Coentrao that may well open the door to increased interest from the player's other potential suitors- namely Tottenham and Manchester United.
The Premier League pair, who face off this weekend, both have reasons for wanting to sign the ex-Benfica star, and will surely be boosted by the news of Chelsea's omission from the race.