Hull manager Phil Brown was thought to be lining up a bid for Nugent but the player is not keen to move away from the south-coast side.
He told The Sun: "I want to stay and prove I can cut it in the Premier League."
The 23-year-old has failed to establish himself at Portsmouth since his £6million transfer from Preston 12 months ago and it was thought he would move on to find first-team football.
Premiership new boys Stoke and Championship side Ipswich were also credited with an interest in the player but Nugent has now ruled out a move away from Fratton Park.




