The European champions have maintained an interest in the Brazilian striker throughout the summer, but a source close to the Portuguese club has revealed that Chelsea were not prepared to negotiate Porto's £60m asking price.
The source told ESPN: "I know Chelsea have been linked with Hulk all summer, in fact, all year.
"But Chelsea have never negotiated. Chelsea know the price but they are not prepared to even negotiate around those figures."
Chelsea are looking to replace Didier Drogba, who left the club earlier in the summer to join Shanghai Shenhua.