Ravel Morrison has returned to parent club West Ham from Cardiff City on compassionate leave.
Porto have agreed to sell highly-rated duo Joao Moutinho and James Rodriguez to ambitious French club Monaco for a combined fee of 70 million euros (£60million).
In a statement the Liga champions confirmed agreeing "the biggest deal in the history of Portuguese football" to release the pair to Claudio Ranieri's Monaco side, who will compete in Ligue 1 next season after winning promotion from the second tier.
Attacking midfielder Moutinho, 26, was a long-term target of Tottenham manager Andre Villas-Boas, who left the Estadio do Dragao for Chelsea in 2011.
Twenty-one-year-old Colombian winger Rodriguez, meanwhile, had reportedly attracted the interest of Juventus, Real Madrid and Bayern Munich before today's announcement.
A statement published on fcporto.pt read: "FC Porto have reached an agreement with Monaco of the French league for the permanent transfer of Joao Moutinho and James Rodriguez.
"To secure the players' registrations, Monaco pay 70 million euros (45 for James, 25 for Moutinho) in what happens to be the biggest deal in the history of Portuguese football.
"FC Porto thanks Moutinho and Rodriguez for their dedication and professionalism.
"(They) represented our colours for three successful seasons and in that period helped win three championships, one Portuguese Cup and the Europa League.
"FC Porto wish both of them the best of luck."
The 45m euros paid for Rodriguez makes him the subject of the most expensive deal of the summer to date ahead of Borussia Dortmund forward Mario Gotze, who will join Bayern Munich for 37m euros in July.
Porto did not specify the length of either player's contract at the Stade Louis II but French newspaper L'Equipe reported the duo had undergone medicals in the Mediterranean principality yesterday afternoon.
Monaco, whose majority shareholder is Russian businessman Dmitry Rybolovlev, have also been linked with a move for Atletico Madrid striker Falcao, the former Porto star who has scored 32 goals for the Spanish club so far this season.