Lille coach Claude Puel has turned down an offer from Monaco to extend his stay at LOSC.
The boss will lead his club into the UEFA Champions League next season, after guiding the team to third in Ligue 1, behind Bordeaux and champions Lyon.
"Claude signed a contract extension with LOSC. We are very proud and very happy considering all the propositions he received and will receive," club chairman Michel Seydoux stated.
The chairman also pledged to keep the current squad together, despite transfer speculation linking midfielder Jean Makoun with a move to either the Stade de Gerland or Manchester United.
The northern French team remain in financial difficulties and will be without a new stadium until 2009, but would still be likely to dismiss any offers for the Cameroon international under é¼25 million (£17 million).
"We are still and we will remain in deficit for some years," Seydoux continued.
"We had a lot to consider because it will create a very, very serious financial risk for the shareholders, but they have accepted to cover the loss.
"We will keep the key players to strengthen the team and hopefully maintain our level of performance."
Lille's Ivory Coast international Abdulkader Keita has also been linked with a move to Lyon, but Gerard Houllier's signing of Nantes' Jeremy Toulalan could scupper that move.
Twenty-four-year-old striker Matt Moussilou however, does look set to leave LOSC after a disappointing season, and Nice, Porto and an unnamed English side have all expressed an interest.