The Seagulls are seeking new attacking options in the January transfer window, having scored just 17 times so far on their return to the English top flight.
Dembele, who has struck eight goals in all competitions for Celtic this term, has been the name most strongly mentioned in gossip columns and talks were said to be underway.
Providing another update on Friday morning, however, Hughton stressed that is is "pure speculation" and initial discussions have yet to begin with the Scottish champions.
"There's been huge speculation, certainly on this particular one," he told reporters. "There were certainly some quotes going back a little while ago about figures and about some communication between the two clubs.
"Categorically, there hasn't been any communication between the two clubs. Hence he is a name, along with lots of other names. It is pure speculation.
"If I look at players that we might have an interest in then there would be numerous names and of course this is one name that's consistently been linked but there could be numerous other names.
"We'll continue to work as hard as we can on anybody that we might want to bring in but certainly names that have been mentioned at this moment are very much speculation."
Hughton recently hinted that he is prepared to smash Brighton's previous transfer record to bring in a new striker this month.