ESPN understands Chelsea have yet to reach an agreement with Porto for the signing of striker Hulk.
Speculation has suggested Chelsea are on the brink of tying up the transfer of Hulk, whose contract commands a reported €100 million release clause.
It is claimed Porto could accept a fee nearer £38 million for the Brazilian, who this weekend hinted that he could be ready to leave Estadio do Dragao.
However, when asked about the reports, a source has told ESPN: "I wish that was true, but there is no deal with Chelsea."
It is also understood that Chelsea, who are said to be in the market for a forward following Didier Drogba's exit, deem Atletico Madrid forward Falcao out of their price range at present.
Atletico are seeking £45 million for the Colombia international, whose goals helped guide Atletico to Europa League glory this campaign.