Porto have told Milan that if they want to sign Hulk then he'll cost them an incredible €100m.
Rossoneri Vice-President Adriano Galliani admitted his interest in the striker recently which fuelled suggestions of a bid.
But speaking to the Portuguese media, Porto chief Pinto Da Costa has rubbished the speculation.
"Hulk to Milan must be a joke," he stated. "They previously wanted Aly Cissokho [in 2009] and they could not do it.
"They got that story about his teeth as an excuse, when in fact Cissokho has better teeth than I do. It is ridiculous.
"We've not had any offers for any players at the moment, but whoever wants to sign them will have to meet their release clauses.
"Hulk's is set at €100m and I won't let him go even if someone offered me €99m. You either pay that figure or nothing."
The Brazilian striker, 24, is expected to move on at the end of the season with a number of Premiership clubs keen.
Although Porto are unlikely to sell him for the €100m suggested, a more realistic transfer fee may still be too steep for Serie A sides.