Lazio ended their co-ownership deal of the player with Udinese on Tuesday as rumours circulated that the 27-year-old was a target for the French champions, but Blanc dismissed the speculation.
"Honestly there isn't anything to it," Blanc said on Radio Monte Carlo (RMC). "David Luiz was the priority. We're going to wait and see (about other transfers)."
The denial will be good news for Lazio's volatile fans, who abandoned the Olympic Stadium en masse in protest last season at what they saw as a chronic lack of ambition from Lazio president Claudio Lotito.
They were also angry at the January sale of Brazilian midfielder Hernanes to Inter Milan.
Candreva has played for Lazio for two seasons, first as a loanee from Udinese and then under a co-ownership deal common in Italy. His 12 goals for the Rome-based side last season had reportedly attracted the attention of the French champions.
Candreva also impressed in Italy's 2-1 win over England in their opening Group D match in the World Cup, providing a pinpoint cross for Mario Balotelli's 50th minute winner.
PSG have won two straight French titles after Qatari investors poured money into the club but are yet to make a big impression in Europe.
Blanc bolstered his team's defence with the big money signing of Luiz from Chelsea and despite sanctions for breaching UEFA's Financial Fair Play Rules will be looking for further reinforcements.
RMC quoted Blanc as saying that the club are looking for “certainly one or two top level players”, while media reports suggest that midfielder Ezequiel Lavezzi could be on his way to Arsenal.
PSG and Manchester City were fined up to 60 million euros ($81.43 million) and had their squads capped for next season's Champions League, and as part of their settlement with UEFA both clubs agreed to curbs on transfer spending over the next two seasons.
($1 = 0.7368 Euros)
(Reporting by Terry Daley, editing by Tony Goodson)
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