Paulinho recently signed a new deal with the club but rumours of Chelsea's interest have continued to grow and Inter Milan are also believed to be interested in the 24-year-old.
Club president Mario Gobbi Filho told CalcioMercatoNews.com: "We have renewed his contract and we have adjusted it.
"Now it is at a level appropriate for Paulinho and the market. We have no intention to sell him, it is out of the question.
"We have a cycle that lasts until July and we renewed his contract to keep him, not to sell him. We do not want to transfer any player in January."
Paulinho has six senior caps for Brazil.