The 20-year-old, who is currently with the England squad at the World Cup, had been tipped with a move to the Super 15 League.
However, the centre has confirmed that he is currently enjoying life with both club and country.
"I am loving playing rugby for England," Tuilagi told BBC Sport. "This is my first World Cup and hopefully it won't be my last.
"When you do something you like, you want to do it all your life.
"I feel pretty lucky to be playing for Leicester and England. I am really happy."
Tuilagi made his international debut last month against Wales.