Chelsea have lined up a £34m summer bid for Brazilian international Hulk with a number of senior players set to leave Stamford Bridge, as the club look to rebuild after a season of upheaval.
According to a report in the Telegraph, the Blues have held talks with Porto over signing the striker for considerably less than his €100 million (£85million) release fee.
Earlier this month, Porto president Jorge Nuno Pinto da Costa warned Chelsea that he would not consider selling the star for anything less than his exit clause.
"I've said it before, we would not sell Hulk and therefore Chelsea must activate his contract," da Costa said.
"We know there is lots of interest from Europe, but the player has told me privately Chelsea is his preferred destination."
Nevertheless, recent reports suggest Porto's stance has changed after Hulk handed in a transfer request amid inquiries from Chelsea over his availability.
The Blues tried to sign Hulk last season but failed to tempt Porto to sell another prized asset, having already lost Andre Villas-Boas to west London and Radamel Falcao to Atletico Madrid.
Former Chelsea manager Villas-Boas expressed his admiration for Hulk prior to his departure and the club's continued interest in the player hints at a long-term plan for a summer of rebuilding.
"We have Kalou and Malouda, both of whom are nearing the end of their contracts, while Juan Mata and Daniel Sturridge are the future," Villas-Boas told a Portuguese radio station in March.
"As such, there will surely be a place to fill and I see room for an explosive player on the wing, someone who is strong in one-on-one situations and Hulk fits that profile."
The arrival of Hulk, who has scored nine goals in 17 appearances for Porto this season, could herald a new chapter in Stamford Bridge merry-go-round, with a number of senior Chelsea players set to leave in June.
Didier Drogba, out of contract, and Florent Malouda, with one year remaining, are the obvious candidates to leave. While Salomon Kalou, Jose Bosingwa, Paulo Ferreira and Hilario are also likely to be ushered towards the Stamford Bridge exit.