Porto would reportedly prefer to sell Hulk to Paris Saint-Germain than to Chelsea this summer.
Chelsea are widely seen as favourites to sign the Brazil international during the summer transfer window, but it is thought they are unwilling to meet Porto's valuation.
Hulk has a massive €100million buy-out clause in his contract at the Estadio do Dragao and it is believed Porto are unwilling to let him leave for less than €40m.
The 25-year-old's agent, Teodoro Fonseca has already confirmed Chelsea and PSG's interest, and according to Portuguese newspaper Diario de Noticias, Porto are looking to do a deal with the cash-rich French giants.
PSG are embarking on a major spending spree this summer and are closing in on the £51million signings of AC Milan duo Thiago Silva and Zlatan Ibrahimovic.
The Qatari-backed Ligue 1 giants are known to be keen on bringing in a striker, with Arsenal captain Robin van Persie and Napoli's Edinson Cavani both linked with the club in recent weeks.
Should Ibrahimovic reject a move to the French capital, then PSG coach Carlo Ancelotti is likely to step up his interest in one of his other targets.
Chelsea still appear to be in the running though, as earlier this month Fonseca claimed his client wanted a move to England to help boost his chances of playing for Brazil at the 2014 World Cup.
"Hulk is among the most coveted players in Europe," he said.
"He feels good at Porto, he is part of the family, but a departure is not impossible.
"He wants to play at the 2014 World Cup in his homeland and playing in England makes this more realistic."
Hulk will be in London later this month as part of Brazil's squad for the 2012 Olympic Games.