Falcao extends contract with Porto
The 25 year-old, who scored 38 goals last season to help Porto claim a treble of Portuguese Premier League, Portuguese Cup and Europa League, had been linked with a move to England's Chelsea, according to media reports.
He became the top all-time scorer in a single UEFA club competition, scoring 17 goals in the Europa League campaign to break a record previously held by Germany's Juergen Klinsmann.
Falcao joined Porto in 2009 from Argentina's River Plate and has scored 73 goals in 85 games in his two seasons with the Portuguese club. His previous contract ran until 2013 with a release clause of 30 million euros.