Porto president Pinto da Costa has revealed that he has turned down a €50million (£39.5m) offer for Hulk from Zenit St Petersburg.
The Brazil international's agent has made no secret that he believes the time has come for the player to move on after spending the last four years of his career at the Estadio do Dragao.
Premier League duo Chelsea and Tottenham and Russian giants Zenit have all been linked with the 26-year-old forward.
Earlier in the week, a spokesman for Hulk admitted that the player's future will be decided in the next few days.
But with Zenit claiming to have withdrawn their offer, it appears Porto are taking a tough stance over the player in a bid to drive the price closer to the huge €100m (£79m) release clause in his contract.
"It was Porto who rejected €50million for Hulk from Zenit," Pinto da Costa told reporters.
"I think it is ridiculous to hear that Zenit's board did not sanction such an offer, when two of their chiefs were here to present that exact bid for the player."