Ray, 26, still has one year left to run on his contract with the Saints, but attracted interest from the Demons after he managed just 11 games in the first year of Scott Watters' tenure at the club.
Melbourne has had a busy trade period with Cameron Pedersen, Chris Dawes, David Rodan, Jesse Hogan, Dom Barry and Jack Viney already brought to the club, but it has left the Demons unable to come up with a deal to tempt St Kilda.
"Obviously there have been reports that Melbourne are interested, but as it stands right now there's nothing there that can get anything over the line," Pask from Essentially Group told Melbourne radio station SEN on Friday.
"As it stands now he's a St Kilda football player ... there's nothing over this three or four weeks that's suggested otherwise.
"A year ago we signed a two-year contract with St Kilda and under the new regime he's learning under a new football coach, but as it stands now that contract looks as though it's going to be honoured.
"There has been some interest, there have been some nibbles from other football clubs ... [but that happens] with a player who has played every single week under one coach and then a new one comes in and he finds himself in and out of the side."
Ray has played 157 games since he was first selected by the Western Bulldogs with the No.4 pick at the 2008 NAB AFL Draft. He played 75 games for the Dogs before crossing to the Saints ahead of the 2009 season.
Follow Jason Phelan on Twitter @AFL_JasonPhelan.
