Neymar suffered an ankle sprain and a fracture of his fifth metatarsal in his right foot against Ligue 1 rivals Marseille on Sunday.
Reports in the Brazilian media claimed the world-record transfer was set to be ruled out for the remainder of the season.
However, Emery has responded to the rumours and even suggested the 26-year-old may still feature for the Ligue 1 giants against Real Madrid in the second leg of their UEFA Champions League last-16 tie next week.
"It is false [the report]," Emery said, as quoted via KweseESPN. "No decision to operate has been taken. I have met with the doctor and he told me that the sprain was swollen.
"There is a small possibility that he will be ready to face Real. We are going to wait. He is a very important player for us, but we have other players capable of stepping in.
"To decide something important like this, patience and calm are required. There is a lot of speculation swirling around, but the truth is what I have just said, and that is based on what the doctor told me this morning."