The Brazilian international is out of contract next June and has been expected to leave Porto this summer.
Porto had been requesting €30m for Telles, but according to A BOLA are now open to selling him for €20m.
That is half of Telles’ €40m release clause, an amount Porto can no longer demand due to his contract situation.
Pini Zahavi, the player’s agent, will meet with Porto in the next few days for transfer talks.
Manchester United are named as the ‘main interested party’, but there are other clubs keen on Telles.