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.
"That is the truth, despite what the papers say about Chelsea and PSG (Paris St Germain).
"Those stories are simply rumours. If you believe what they say, Hulk has already left us."
Hulk is under contract with Porto until 2014, but said in a recent newspaper interview he would be "happy" were a deal agreed for him to join the Champions League winners.