David Silva has agreed an improved five-year contract with Valencia, quashing speculation the striker will move to the Premier League.
The Spanish club rejected a bid from Manchester United on Tuesday for Silva, according to his agent, while Tottenham and Liverpool had also been linked.
Valencia have subsequently agreed new terms on the 22-year-old's contract.
"It's very satisfying to see the player's willingness to stay," said Valencia vice president Fernando Gomez.
He added: "The club will not do anything crazy or break our financial and sporting guidelines so we have gone as far as we have been able to."
"There is complete agreement between the club and the player David Jimenez Silva that he will remain with us for the next five seasons.
"We have always expressed the hope that he will stay with us."
Silva was one of the star players in Spain's European championship-winning squad this summer, as the much-fancied Iberians shed their tag as perennial underachievers with a series of attractive, winning displays.
Yet Valencia, Champions League finalists in 2000 and 2001, finished just tenth in the Primera Liga last season and only qualified for the Uefa Cup thanks to their Spanish Cup victory.
Silva's agent, Julio Llorente, negotiated a salary increase on the player's existing contract following a meeting with club officials on Wednesday.
"This is a new contract with Valencia with different conditions," he said.
Valencia vice president Gomez also said he hoped to make a similar announcement soon about another of their highly rated key players, David Villa, who has been linked heavily with Tottenham.
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