Arsenal, Man City edging closer to Porto striker Hulk
The 22-year-old is attracting interest having impressed in the Portuguese Liga and Champions League last season.
Teodoro Fonseca said: "Porto have rejected an offer for Hulk and will only consider a bid of at least 40million (£34m).
"Big clubs from Europe are interested in Hulk, but he is very content in Portugal.
"I do not believe it will be likely that Porto will accept a sale this summer."