Porto maintain there has been no formal bid from Chelsea for their striker Hulk.
The Brazilian, 25, was expected to head to Stamford Bridge this summer, following on from the signings of highly-rated Lille attacker Eden Hazard and Germany winger Marko Marin.
Reports claimed a £30million deal was as good as complete, but that was rejected by Porto president Pinto da Costa.
Speaking to Portuguese radio station Antena 1, Da Costa said: "At this point, there have not been any offers made to Porto, or anyone related to Porto, with regard to Hulk."
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