Colombian striker Radamel Falcao has extended his contract at Porto until the end of the 2014/15 season.
Chelsea had been heavily linked with the 25-year-old, with former boss Andre Villas-Boas now at Stamford Bridge.
Falcao's previous contract had a €30m (£26m) release clause attached, but that has now been increased to €45m (£40m).
The striker scored 38 goals last season, helping Porto to claim a treble of Portuguese Premier League, Portuguese Cup and Europa League, where he scored the only goal of the final against Braga in Dublin.
Falcao is currently in Argentina representing his country at the Copa America. He scored both goals in Colombia's 2-0 win over Bolivia in the group stages.
Colombia topped their group ahead of hosts Argentina and will play Peru in the quarter finals on Saturday evening.
