Chelsea risk missing out on Porto striker Hulk.

The Daily Mirror says Chelsea look set to lose the race to sign Brazil striker Hulk with Russian giants Zenit St Petersburg ready to trump the European Champions with a £38million offer.

Hulk, who has helped his country into the Olympic football final at Wembley, excelled for Porto last season and his reputation is reflected in a release clause of £80m. However, he is available for a 'cut-price' of £38m.

But long-term admirers Chelsea are refusing to budge from their valuation of £30m, allowing Zenit to nip in.

The Russian side are also prepared to offered Portugal centre-half Bruno Alves as part of the deal as a further sweetener for Porto.