The report claimed on Sunday that Etebo has already agreed a four-year deal with the Azuis e brancos.
“Etebo will move to the Dragao Stadium in January after an agreement was reached,” the statement on A Bola claimed.
The 22-year-old, whose deal with Feirense runs out in 2019 has scored four goals in 14 league games this season for the club.
The Nigerian International joined Feirense in 2016 from Nigeria Professional Football League club, Warri Wolves.
He was in the Nigeria squad that won bronze at the 2016 Rio Olympics in Brazil.