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There was some confusion over the fee that the Portuguese club would accept, however, with officials claiming they still want £60 million which Chelsea will not pay.
Personal terms are understood to have been agreed already, however, and although Porto are denying that they are close to an agreement, it appears that the transfer is moving closer.
Porto have accepted that they cannot demand the 100 million (£80 million) release clause in Hulks contract is met and are open to negotiations especially as the 25-year-old Brazilian international has made it clear that he is desperate to leave.
Hulk full name Givanildo Vieira de Souze scored 21 goals in 38 appearances last season as he helped guide Porto to their second successive league title.
Hulk can play on the right of an attacking trio, or through the middle, with Chelsea having already signed Eden Hazard for £34 million, along with £6.5 million Marko Marin as Abramovich overhauls his squad