Chelsea are not willing to pay for Hulk’s release clause, which is said to be around 60 million pounds and Porto are still waiting for a reply even though personal terms have been agreed with the player. Chelsea are rebuilding a new team and he could be Chelsea’s next signing, with Hazard coming in the squad as well. Both Hulk and Hazard have not officially been confirmed on the clubs websites, but this is mainly due to the international matches ongoing. So I believe at the end of this week, we should get official confirmations.
Hulk could play as a winger and playing a longside the likes of Mata, Hazard, De Bruyne, Marin etc. with Torres as the lone Striker. The new squad should help keep Chelsea into one of the top clubs in Europe.
Edit: So it seems like the deal failed to go through and now he has now joined Zenit St. Petersburg in Russia. Good luck to him.