Both players have been heavily linked with a move to the Nou Camp in the past, with the future of the Brazil international coming under the scanner as the Spanish giants were said to be keen on a loan deal.
City boss Mark Hughes recently said that the diminutive hitman is a part of the club's long-term plans, explaining that his services were indispensable.
It is understood that the Catalan coffers have gone dry following the high-profile acquisition of Zlatan Ibrahimovic from Inter, which saw Samuel Eto'o move the other way as part of the deal.
A source close to the club allegedly said: "Barcelona have made it clear they are talking about a loan deal only [for Robinho] and it is hard to believe that will happen.
"Barcelona were, at one time, very interested in Mascherano, but no longer. At one stage I would have said 'yes' that deal could happen, but now I would have to say 'no'.
"I would say that Barcelona do not have the sort of funds to buy either Robinho or Mascherano."
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