Porto have rejected an offer for striker Hulk, according to the player's agent.
The powerful 22-year-old is attracting interest having impressed in the Portuguese Liga and UEFA Champions League last season.
And Hulk's representative claims an offer has been tabled, reportedly from an English side, with Arsenal and Manchester City said to hold an interest.
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."