Reports claimed a £30 million 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."
He added: "That is the truth, despite what the papers say about Chelsea and PSG.
"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.