The highly-rated Brazilian has been sought after by the Stamford Bridge outfit for a while, with many expecting the 25-year-old to follow former Chelsea boss Andre Villas-Boas to Stamford Bridge a year ago.
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The move did not materialise, however, with Hulk remaining at Porto for a further year. Yet it now seems the Blues have got their man, with a €50 million (£40m) fee reportedly agreed.
Hulk enjoyed another successful campaign at Porto last season, scoring 21 goals in 38 games as he helped guide the Portuguese giants to their second successive league title.
Porto were thought to be holding out for the £80m release clause in the Brazilian’s contract. However, they appear to have now accepted that is an unrealistic goal and are willing to negotiate.
Should the move be completed, Chelsea’s summer spending will already have neared the €100m (£80m) mark having already secured €8m (£6.5m) Marko Marin and with €40m (£32m) Eden Hazard set to sign.