Everton had a £33.6million bid knocked back for Porto's highly rated Yacine Brahimi on deadline day.
The fall-out from Toffees' transfer window continues after being snubbed by Moussa Sissoko on deadline day in favour of Tottenham.
According to O Jogo in Portugal, Porto turned down the offer from the Toffees as they hoped a larger one would arrive from city rivals Liverpool.
The Algeria international has struck 14 times in 61 appearances for the Dragoes and will stay put at the Estadio do Dragao.
It is the latest disappointment for Everton in a frustrating transfer window with owner Farhad Moshiri attempting to save face with a statement on Thursday.
"Sissoko is a great player. But when I bought into Everton, I made it clear I was proud to join a family," Moshiri said in a statement.
"And we don't turn our backs on our own. Keeping James McCarthy was a priority and ultimately we could not proceed with a deal that would jeopardize his place at Everton."