The Portugal international came close to securing a deadline day switch to White Hart Lane over the summer.
However, despite the two sides agreeing a fee for the 26-year-old, the move fell through due to personal terms.
Russian outfit Zenit St Petersburg were also linked with a move, but Moutinho now appears ready to stay at the Estadio do Dragao.
"I've made the decision to stay with Porto," said Moutinho.
"We believe in the value and quality we have here. I'm happy and what I want most is to win against PSG [in Wednesday’s Champions League encounter]."
Porto will be keen to pick up a positive result against the Ligue 1 side after falling to a 2-0 away defeat to Dinamo Zagreb in the opening round of fixtures.
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