The Brazilian was lined up by Toffees boss Roberto Martinez as the ideal replacement for Belgian Marouane Fellaini who is expected to join Manchester United later this evening.
However the 26-year-old has confirmed he plans to stay at Porto on Instagram stating that he intends to remain loyal and win his fourth title with the Portuguese club.
The midfielder wrote: ‘Todos os Portistas podem contar comigo rumo ao tetra! #somosporto’ which roughly translates to ‘all Porto fans can rely on me for the title.’
Everton remain in the hunt for Wigan’s James McCarthy while a possible loan move for Manchester City’s Gareth Barry is still also on the cards.
The deal for the England international hinges on City agreeing to pay a portion of Barry’s huge £100000 per-week wages.