The Porto striker has been a long-term target for Blues boss Roberto Di Matteo and owner Roman Abramovich, who wants him to replace Didier Drogba, and a deal to bring him to Stamford Bridge was thought to be close.
Hulk quashed those rumours last week insisting he hasn’t spoken to any clubs regarding a potential move and was instead focusing on representing Brazil at the Olympics.
“I have four more years on my contract with Porto, and I’m focusing on the national team,” Hulk told Lancenet.
“I haven’t talked to anyone. As everyone knows, I don’t follow negotiations closely as that will make me lose my focus. I let my agent deal with that stuff.”
New Spurs chief Villas-Boas is now said to be preparing an offer for the powerful 25-year-old and has been given the go-ahead to initiate talks by chairman Daniel Levy.
The Portuguese tactician managed Hulk during his successful stint at the Estádio do Dragão and is keen to be reunited in North London as he seeks attacking reinforcements ahead of the new season.
Levy has permitted the 34-year-old to one marquee signing this summer but are hoping they can lure him to England with the promise of a prominent place in the first team and negotiate with Porto to drop their £38 million valuation.
One potential problem that could scupper the deal is Hulk’s wage £100,000-a-week wage demands and it’s likely Tottenham will look to broker a similar pay deal to that of Emmanuel Adebayor.
Chelsea will continue monitor the Brazilian’s situation while Premier League championsManchester City are also rumoured to be interested as Roberto Mancini looks to bolster his frontline.