Porto's president Pinto Da Costa has ruled out selling their star striker during the January transfer window.
The Blues were believed to be keen on signing Hulk but it doesn't look like that is going to happen.
With Nicolas Anelka set to leave this month and Ivorian Didier Drogba could also leave during the window, Andre Villas-Boas needs to add firepower to his squad.
The 25-year-old Brazilian who played under AVB last season but he has a contract with Porto until 2016, and has a massive release clause of £83.5million.
Whilst Hulk would be open to working moving his president hopes he will stay put: "I hope that no one meets Hulk's buyout clause, but I would not be surprised if someone pays it one day, I would like, however, that no one paid that figure."
It is a huge amount of money, and whilst Hulk is a very good player he is not £83.5m good!