Hulk's agent has admitted Arsenal have made enquires for the Porto striker, but then stated a staggering 100million will be needed to prise him away from the Portuguese club. Porto moved to secure his long-term future over the summer by awarding him a new five-year contract, while there is also a release clause in place of 100million (£87m).
Despite the massive price tag, Hulk's representative Teodoro Fonseca says there is still a lot of interest.
Speculation has suggested that Arsenal are plotting a bid of around £23million, which Fonseca insists would be instantly dismissed.
He told Portuguese newspaper A Bola: "Every year there are more clubs interested in Hulk and I am also aware that there are clubs from outside the Premier League interested.
"This Arsenal rumour is news to me but it is true that there has been contact before but nothing happened.
"But I speak often with Porto and the figures have not changed. He will only be sold if someone pays the 100m so this figure of £23m that has appeared would not be considered."