Chelsea face competition from Paris Saint-Germain in the race to sign Hulk, with the French giants reportedly prepared to pay over €40million for the Porto striker.
Chelsea were thought to be closing in on a deal for Hulk as owner Roman Abramovich looks to make him his next big-money signing following the recent £32million deal for Belgian playmaker Eden Hazard.
But the Blues have struggled to agree a fee for the 25-year-old, however, with Porto thought to be holding out for at least €40m for the player they value at an incredible €100m.
And according to reports in Portugal on Tuesday, PSG have made contact with Hulk's agent, Teodoro Fonseca, to discuss a transfer, with the cash-rich Ligue 1 outfit ready to pay as much as €45m for the Brazil international.
Hulk has admitted he is keen on joining Chelsea, but Fonseca recently warned the west London outfit that other clubs were ready to make moves to sign his client.
It is thought Tottenham could also launch a bid should they install former Chelsea and Porto boss Andre Villas-Boas as their new manager, although whether they could afford his asking price remains to be seen.
Fonseca recently told Record: "The Blues [Chelsea] are not the only European club interested and at the moment it all depends on Porto.
"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." Read earlier posts: Chelsea In Talks With FC Porto Star Hulk and Chelsea-bound Hulk says goodbye to Porto