Chelsea are said to have already tabled an offer of £35million for the Zenit St Petersburg, but the Russian club want nearer to the £50m they paid Porto to secure Hulk's signature in 2012.
The 26-year-old is currently with the Brazil squad for the tournament being held in his home country 12 months before it hosts the World Cup.
Monaco's financial muscle in the transfer market, which has seen them spend between €50m-€60m on Radamal Falcao, sees them as a potential destination for the powerful Brazilian.
Jose Caldeira, one of Hulk's representatives, hinted that an announcement on his client's future could be made soon.
"We can't announce anything at the moment, the player is focusing on the Confederations Cup and nothing will be made official during this period," Caldeira declared.
"France is a possibility, but there are others. Everything is possible."