Stephane M'Bia has agreed a new contract at Rennes, but will be allowed to leave the club next summer.
The Cameroon midfielder was strongly linked with a move to the Premier League before the transfer window closed last week.
Everton had an offer rejected by Rennes, while M'Bia told skysports.com that Arsenal had shown a late interest in his services.
Rennes had been reluctant to sell, with M'Bia torn between his commitment to the French side and stepping up to the Premier League.
However, a compromise has now been reached whereby M'Bia has signed a new contract and will spend the entire season with Rennes.
In return, Rennes have confirmed that the 22-year-old will have the opportunity to change clubs at the end of the campaign.
General manager Pierre Dreossi told the club's official website: "The player will continue to wear the colours of Stade Rennais FC for the 2008/09 season and is assured of an opportunity to transfer from next season."