The 22-year-old Uruguayan defender has struggled to adapt to the Premier League since his move from Nacional in August 2011.
"We haven't had any approaches," ESPN quotes Rodgers as saying.
"I have said in the last couple of weeks that he is a player who I believe needs games and needs to go and play but obviously, I need to protect the club as well in relation to the size of the group.
"Everyone knows how small we are as a squad. There are still a few more days to go, so we'll assess that and take it from there."
Coates has made just three Premier League appearances for Liverpool so far this season.