The 25-year-old has been linked with a big money move to Stamford Bridge as Chelsea look to rebuild their squad ahead of next season.
Hulk's agent Teodoro Fonseca, however, has denied that any deal has been agreed and also insists his client would be happy to remain in Portugal if Porto do not wish to sell him.
The former Tokyo Verdy forward has been offered a new contract after helping Porto to a second consecutive league title during the 2011-12 season.
"The Blues [Chelsea] are not the only European club interested and at the moment it all depends on Porto," Fonseca told Record.
"I am in permanent contact with president Pinto Da Costa but there have been no advances on this subject.
"The club want him to stay and we have received the offer of a new deal.
If Hulk stays in Porto then there is no problem as he is happy in Porto.
"He has had three years of interest from big European clubs and he still plays in Portugal."
Hulk would be the third significant signing made by Chelsea so far this summer, with deals to bring midfielders Marko Marin and Eden Hazard already agreed.
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