Valverde to stay on as Olympiakos boss
The Spaniard, who was also at the helm when Olympakios won the title in 2009 and returned this season after six months with Villarreal, reached his decision at a meeting with club owner Vangelis Marinakis on Thursday, a club spokesman told Reuters.
"He had a two-year deal and this contract will continue," Valverde's agent Inaki Ibanez told reporters.
"Ernesto is happy, he decided to stay and that's all. The president trusts him, the fans love him and this is important. He is happy at Olympiakos and wants to continue."
Valverde signed a two-year deal when he returned last summer but with an option to review it after one year.
Valverde led Olympiakos to their 38th domestic league title last month.
They will complete the season with a 100 per cent home record if they beat Larissa on Sunday.