The 32-year-old suggested at the start of the week that he could finish his career with Mallorca.
However, the veteran forward now insists that he is happy at Stamford Bridge.
"If Chelsea are not the best club in the world, then they are one of the best clubs in the world, so I don't know if we are going to win everything but the season is going well so far," Eto'o is quoted as saying by Sky Sports News.
"The most important thing in life is to work hard. Football is a part of my life and I try to be happy all the time. That's why I'm always smiling. If my work allows me to be even happier, then that is great.
"The season is long, and there are a lot of things that could happen, but I hope to score more goals, help my team and then hopefully the season will end well for Chelsea."
Eto'o took his tally to eight goals for the season on Sunday by netting a hat-trick during Chelsea's 3-1 win over Manchester United in the Premier League.