"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."
Three Portuguese daily newspapers reported earlier on Monday, without citing sources, that Chelsea were in talks to pay Porto for the 33-year-old coach's 15 million-euro release clause.
State news agency Lusa cited a source as saying the coach had already informed the club of his intention to move to the English side.
Chelsea sacked manager Carlo Ancelotti last month after a season in which they failed to win a trophy but just a year after the Italian led them to the league and cup double.
Villas-Boas, who previously worked at Chelsea as assistant to his mentor Jose Mourinho, won the Portuguese League title, the Europa League, and the Portuguese Cup in his first season at Porto.
Serie A team Inter Milan had been interested in signing Villas Boas, but their sporting director Marco Branca said on Sunday after a reported trip to Porto that the costly release clause had ruled out a possible move.
Villas-Boas last month said his future was tied to Porto and that he was unaware of any formal interest from other clubs despite intense speculation for several weeks.
Porto president Jorge Nuno Pinto da Costa has urged the coach to stay at the club and remains convinced that Villas-Boas will want to emulate Mourinho in impressing in the Champions League before moving to a more lucrative league.
