Porto have rejected a bumper offer from Zenit St Petersburg for striker Hulk.

Chelsea are also chasing the Brazil international, but will have to go higher than the €50 million Zenit tabled.

"It was Porto who rejected an offer of €50m for Hulk from Zenit," declared Porto president Nuno Pinto da Costa. "I heard that the offer was not authorized by Zenit, but the truth is that two club representatives were present in Oporto with that offer."