Jefferson Farfan has told PSV Eindhoven officials that he will be staying at the club.
The Peruvian's prolific form in front of goal last season has made him the subject of widespread interest this summer, with Portsmouth leading the pursuit.
PSV slapped a £10 million price tag on Farfan's head but Pompey were reportedly ready to match the value in order to bring him to Fratton Park.
However, the 21-year-old is contracted to PSV until 2010 and boss Ronald Koeman is determined to keep his man.
He urged Farfan to consider his future carefully before rushing into a rash transfer and his words seem to have had the desired effect.
The striker informed PSV's technical staff on Tuesday that he intends to stay at the club for at least the duration of this season.
Farfan was PSV's top scorer last season with 21 goals in the Eredivisie.