Porto have rejected a £70 million bid from an unnamed club for Chelsea target Hulk, according to the player's agent.
Chelsea, Manchester City and AC Milan have all been linked with the 24-year-old striker, who has only just signed a new five-year deal that includes a €100million (£89.5m) release clause.
The link to Chelsea is an obvious one after Andre Villas-Boas left the Estadio do Dragao for Stamford Bridge this summer.
However, it remains to be seen if he would be willing to pay such an inflated price.
The player's agent, Teodoro Fonseca, insists the offer was made before the Portuguese club rejected it.
Fonseca told Portuguese newspaper Record: "I would be lying if I said no proposals have emerged to sign Hulk."
When quizzed about which club had made the offer Fonseca refused to divulge.
He said: "I cannot reveal that.
"But it is not hard to see because there are only three or four clubs who are able to present those kind of numbers for a player."