Chelsea have denied a fee has been agreed for the sale of Alex to Queens Park Rangers and Andre Villas-Boas has revealed an asking price has still to be met.
Sky Sports sources suggested on Saturday morning an offer had been accepted for the wantaway Brazilian.
QPR had an initial bid - believed to be £3million - rejected earlier this week, before reportedly returning with an increased offer they appeared to believe would allow them begin discussing personal terms with the 29-year-old.
However, a Chelsea spokesman said on Saturday afternoon after the 1-0 win over Sunderland: "I can say at this time there is no agreement between the clubs."
Manager Andre Villas-Boas added: "I'm sure that the clubs can reach an agreement if they continue to push.
"We know Alex's market value and we're just not going to let him go quite easily, not that QPR's offer is far, far off.
"He is a player that has attracted a lot of interest from Premier League clubs and from abroad."
Even if a fee is agreed, convincing Alex to join QPR is far from a formality amid reports he may no longer wish to remain in England.
Alex, who has also been linked with Paris St Germain and Juventus, was banished from Chelsea's first-team squad at the end of last year after submitting a transfer request.
His signing would represent another coup for ambitious QPR after they on Tuesday convinced Hughes to succeed Neil Warnock as manager.
As well as having a previous bid for Alex snubbed - reportedly £3million - they have had offers turned down for Andy Johnson, Christopher Samba and, on Friday, Steven Pienaar.
Should Rangers complete Alex's signing, he would have to wait to make his debut, as the club missed the deadline for Sunday's Premier League game at Newcastle, while he is ineligible for Tuesday's FA Cup third-round replay against MK Dons.
His first game could therefore be next Saturday's league match against Wigan, which is followed by a possible FA Cup clash with Chelsea.