The young Frenchman was linked with a £3 million move to the Cottagers last week.
But agent Fabrizio Ferrari told tribalfootball.com: "Until now I have not had any talks with Mr. Jol, I did not know there was an interest in Mangala.
"Mangala is an ambitious young player, he loves football and England is one of the major championship in the world, but now he has a contract with one of the best European clubs so, we are not under pressure to find another club.
"And honestly I don't think Porto is interested in moving Mangala in January when they are still playing to win the Champions League and the Portuguese League.
"But nobody knows the future ..."