The British press has been all over this story, with Chelsea, Manchester City, and Paris St. Germain all reportedly lodging huge bids for the Brazilian. It's unclear who has been feeding them this information though, because as of yet Porto have not received a bid from Chelsea or anyone else. According to Pinto De Costa himself:
According to the newspapers, Hulk would be long gone now, but what I can guarantee today is that Porto have not yet received any offers for him
That seems pretty clear to me. Pinto De Costa is a hard man to deal with, but I can't recall a time yet where he's blatantly lied to the media. I hard to imagine this being a good place to start that sort of thing either, as Porto really gain nothing in terms of bargaining power by telling the world that none of these bids floating around in the media really exist.
This isn't to say that clubs haven't made contact wit Porto yet, but it should tell us that everyone who has is put off enough by what they've heard that they haven't yet lodged a bid. In Chelsea's case, the fact that we now know we've bid for Victor Moses before bidding on Hulk is certainly an eye opener. I think it's safe to say that those early reports that we were basically done with this deal had no basis in reality, and I'm growing increasingly skeptical that Hulk is actually on our radar at this point. One thing seems certain though...it appears we'll be hearing about Hulk all summer.