Chelsea may be about to lose out on one of their long-standing transfer targets, with news that Porto forward Hulk could be set for a move to Zenit St Petersburg. According to the Daily Mirror, the Russian club have offered £40 million for the Brazil international who has been the subject of interest from Stamford Bridge for the duration of the summer.

Despite speculation diminishing of late, the Guardian recently reported that the Blues remained keen on the 26-year-old, with a deal being held up by the money due to Hulk's third-party owners.

But with Zenit said to be willing to offer a huge sum as well as Portuguese central defender Bruno Alves, they could be set to steal his signature. Whether Hulk, who has intimated his desire to move to Stamford Bridge, will be willing to move to Russia remains to be seen.

There could be better news, however, concerning Chelsea's long pursuit of another Porto talent, Alvaro Pereira. The Uruguayan has been linked to the Blues for the past year as they look to provide cover both at left-back and potentially on the left of midfield.

While the interest from former Porto boss Andre Villas-Boas was anticipated while he was in charge at Stamford Bridge, new manager Roberto Di Matteo is also an admirer of Pereira, according to Sky Sports.

The report claims that speculation has increased in recent days that Pereira could be on the move, with an initial loan deal with a view to a permanent transfer to Chelsea next summer being mooted.

The 26-year-old's agent has confirmed that he is due for imminent talks with the Portuguese champions.

"We are due to hold an important meeting with Porto, but I do not want to speculate on what the outcome will be," Alejandro Savich said, according to Sky Sports..

More progress could also soon be forthcoming in Chelsea's attempts to sign Wigan winger Victor Moses. The Blues have had a series of bids rejected for the 21-year-old, with Wigan holding firm despite the player having just a year remaining on his contract and intimating his desire to leave.

However, Latics chairman Dave Whelan could be set to soften his stance by lowering his asking price from £10 million to £8.5 million, according to ESPN.

"I have spoken to Chelsea's chief executive and they are easy to deal with, we have told them the price and they will come back and agree it or not," Whelan told ESPN.

"We would much prefer the player to sign a new contract and stay but he wants to go to Chelsea and it's a good club so we cannot stand in his way."

With the report claiming that Chelsea may be set to match Wigan's demands, a move could be imminent.

After the departure of Didier Drogba this summer, Di Matteo is also thought to be looking to bolster his striking options. While Radamel Falcao and Edinson Cavani have been strongly linked, Chelsea could also move for Athletic Bilbao's Fernando Llorente.

The Spain international has told his club that he wants to leave this summer, according to Basque TV Station ETB. The news is likely to spark fervent activity from his many suitors, including Juventus, Manchester City and Chelsea.

While Marca reports that the Turin giants are readying a €20 million offer, Metro claims that the 27-year-old's most likely destination is the Premier League.