Porto have rejected a €50 million Zenit St Petersburg offer for striker Hulk, club president Pinto da Costa has said.
Da Costa's comments came soon after the Russian club claimed to have withdrawn their offer for the Brazil international, who has been a Porto player for the last four years.
"It was Porto who rejected €50 million for Hulk from Zenit," Da Costa said. "I think it is ridiculous to hear that Zenit's board did not sanction such an offer when two of their chiefs were here to present that exact bid for the player."
Earlier on Wednesday, Zenit had appeared on the verge of clinching a deal, with Premier League clubs having been priced out of the transfer.
Hulk has long been linked with a switch to Chelsea, and had also interested Tottenham, but Porto's asking price - in excess of £40 million - has proved a stumbling block.
Speaking earlier on Wednesday, a source told ESPN: "Despite all the rumours and speculation, no English clubs were bidding for Hulk - he was far too expensive.
"Zenit will pay a minimum of €50 million. The fee might be as high as €60 million. I expect it will go ahead in the next 24 hours, but no English club was prepared to come anywhere near to that figure."
Porto's media officer, Ahaz Felleger, said this week: "Tuesday or, maximum, Wednesday, there will be a solution. There are three proposals from abroad - two English clubs and Zenit. There are talks with the player and with Porto. Staying in Porto is also a real possibility. He is very satisfied and there is no problem."