The prolific 25-year old Brazilian has been linked with a Porto departure since the summer and it is now believed that the Gunners may push forward with a January bid of £23million.
But Hulk's agent, Teodoro Fonseca, has warned any interested clubs that the player is likely to cost around 100million after he signed a long-term deal with the Portuguese club recently.
"Every year there are more clubs interested in Hulk and I am also aware that there are clubs from outside the Premier League interested," Fonseca told A Bola.
"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."