Estádio do Dragão club dismiss Stamford Bridge approach.
FC Porto have denied media reports suggesting they received a £13million bid from Chelsea for their manager Andre Villas-Boas.
Three Portuguese daily newspapers reported earlier that Chelsea were in talks to pay Porto for the 33 year-old coach’s release clause.
Lusa claimed the coach had already informed the club of his intention to move to the West London club.
Chelsea owner Roman Abramovich was reportedly trying to form a managerial dream team with Guus Hiddink as director of football.
Villas Boas, who previously worked at Chelsea as assistant to Jose Mourinho, won the Portuguese League title, the Europa League, and the Portuguese Cup in his first season at Porto.
Last month he said he would not be leaving and was unaware of any interest from other clubs, despite the rumours.
Inter Milan want the coach to replace Leonardo but president Massimo Moratti revealed the Serie A giants are not willing to match the release fee.
“Andre Villas Boas has a release clause (in his contract),” Porto said in a statement.
“Until now we have not received any communication that this clause will be exercised, nor the coach’s agreement for that purpose.”