That is completely impossible or incredibly unlikely; that cannot be done. Said as a reply to a request or question. A: "I need the keys into the storage closet." B: "No chance. I'm under strict orders not to lend them to anyone until we figure out who's been stealing supplies." A: "Do you think the US will ever win the World Cup?" B: "No chance. If the country as a whole doesn't care about soccer, how will they ever have a team that could win the world championship?"
(there is) no chance
There is no chance that something will happen. (No chance is informal.) Tom: Do you think that some little country like that will actually attack England? John: There's no chance. Bill: No chance you can lend me a few bucks, is there? Bill: Nope. No chance.