The Colombian enjoyed a successful campaign last season scoring 21 goals, which garnered attention from the likes of Arsenal, who reportedly made a deadline day bid.
"There were many offers but no clubs paid the clause. I'm happy here and my family are too and we are happy to stay here for many years," the 28-year-old told Goal.com.
"I was always focused on Sevilla this summer."
Bacca helped Sevilla lift the Europa League trophy last season, scoring seven goals in 14 appearances for the club.