FC Porto have turned down a €50 million bid from Zenit St. Petersburg for Brazil striker Hulk, the president of the Portuguese champions was quoted as saying Wendesday.
The 26-year-old is under contract at Porto until July 2016 but has been repeatedly linked with a move to English side Chelsea.
"It was Porto who refused the 50 million bid for Hulk from Zenit," Jorge Nuno Pinto da Costa told local publication Mais Futebol.
"I heard something ridiculous like that the board of Zenit did not approve the 50 million price, but two club representatives were here proposing this sum for the player."
"For this money - not to Zenit, to anyone else," added da Costa. "We don't want to lose Hulk."
Pinto da Costa reportedly said earlier this month that the club would insist on the full €100 million value of the buyout clause in Hulk's contract.
He joined from Japanese side Tokyo Verdy in 2008 and has since racked up 76 goals and 55 assists in 166 appearances.
A Brazil international since 2009, Hulk has three goals and 13 caps for his country and was the part of the silver-winning team at the London Olympics.
