Porto have announced that Brazilian forward Hulk has signed a new deal to keep him at the club until 2016.
The 24-year-old has enjoyed a stunning season in the Portuguese league, topping the scoring charts with 23 goals to help Porto to the title.
His performances have not gone unnoticed and a number of Europe's leading clubs have been credited with an interest, including Manchester City and AC Milan.
But Porto have now put an end to the speculation by paying €13.5 million (£11.8m) to acquire 40 per cent of the sporting rights to Hulk.
"FC Porto inform that they have extended the player's contract until June 30, 2016, maintaining his departure clause at 100m euros," said the club in a statement to the Portuguese Stock Exchange.
The payment to the Uruguayan club Atletico Rentistas means that Porto now own 85 per cent of Hulk's sporting rights.
Hulk joined Porto in 2008 after the side from northern Portugal paid €5.5m for 45 per cent of his rights.
His total €19m transfer fee means Hulk 'becomes the most expensive player in the history of Portuguese football,' according to Saturday's edition of the A Bola sport daily.
As well as winning the Portuguese league without suffering a defeat, Andre Villas-Boas' side have also reached the final of the Portuguese Cup and Europa League this season.