The gifted 19-year-old has rejected offers from big European clubs, notably Barcelona and Real Madrid, to stay at home and become one of the world's richest footballers.
"I'm very happy, it's another decision I'm taking in my life, a family decision," Neymar told a news conference where he was handed a Santos shirt with the number 2014 on it by club president Luis Alvaro de Oliveira.
"There was interest [from other clubs] but my father didn't tell me about any concrete offers. I always said I wanted to stay here."
"Neymar has got tired of being 'sold' to Barcelona and Real Madrid in these last months. The truth is he will stay at Santos until 2014," he said.
Englishman David Beckham is the world's highest paid football player, according to Forbes magazine, earning $40 million a year, followed by Portugal's Cristiano Ronaldo on $38 million.
"No-one knows what might happen tomorrow and this moment in my life is marvellous," Neymar said with a wide grin.
"It's a choice that wasn't very difficult because I'm happy here, I play for marvellous fans... and for the joy of staying in my Brazil, there is no better country.
"I hope to continue writing history," added Neymar, father of a three-month old baby and among the 23 players vying for the title of FIFA World Player of the Year.
Neymar wore a black shirt with the phrase "It's good to be king" in English on it but told reporters there was only one king in football in an obvious reference to Pele.
"Santos want to show that things can be different. We no longer accept the idea of [Brazil as] an underdeveloped country, always at the mercy of economic powers," he said.
"Neymar is staying to consolidate himself as an idol. What's more, from now you will be witnesses to the birth of a myth."
