The Blues have been very public concerning their intentions to sign the Brazilian international but aren’t expected to meet the attacker’s release clause, which currently stands at an estimated €100m.
Instead, Chelsea are reported to be preparing a bid of around £35m that will also see youngster Romelu Lukaku move on loan to the Portuguese outfit for the 2012-13 campaign.
Lukaku signed for Chelsea last summer for a fee of £18m but is yet to play a major role at Stamford Bridge so far and it looks almost certain that the Belgian starlet will spend at least some of the next campaign at another club.
One particular factor in who Chelsea are able to sign this summer will certainly be whether or not they lift the Champions League title on Saturday.
The West London outfit have been disappointing in the league form but a cup double would definitely turn the mood around at the club and would mean that players may be more open of a move.
Hulk has made 36 starts for Porto this season, scoring 21 goals and making 14 assists in the process.
The winger come striker has impressed massively over the past two seasons and is apparently on the radar of a host of other European sides including Manchester City who will pose a particular obstacle in Chelsea’s path.
Both clubs have massive spending power but with the Financial Fair Play ruling not too far away now, some of the bigger spending sides could start watching their pennies a bit more closely lest they risk losing out on European competition.