England left-back Ashley Cole has ended speculation over his future by signing a one-year contract extension at Chelsea.
The 32-year-old's contract was due to expire at the end of the current season but the new deal will see him remain at Stamford Bridge until 2014.
Cole had been linked with various lucrative moves, with former Chelsea manager Carlo Ancelotti reportedly keen to work with the defender at PSG.
With continuing uncertainty over the future of Patrice Evra, Manchester United had also been linked with a swoop for Cole.
"Chelsea Football Club is delighted to announce that Ashley Cole has signed a one-year extension to his contract," read a statement on the club's website.
On signing his new deal, Cole said: "I am pleased I will be starting my eighth season at Chelsea. I have great memories here and I enjoy coming to training every day. The staff are amazing and I enjoy training with the lads.
"I have been able to fulfil nearly all my ambitions at Chelsea. I have won the Champions League, the League, I have won FA Cups here but of course you don't want to stop winning trophies and being at a big club, you are always fighting to win a trophy.
"Being here for seven years and being at Arsenal before that playing for trophies, you never lose that hunger. I wanted to stay at Chelsea because we are always fighting and challenging for trophies. That desire and the will to want to win things have not gone."
Cole, who joined from Arsenal in a controversial transfer in 2006, was among a clutch of long serving players whose futures have come under speculation.
Captain John Terry has 18 months to run on his current deal and the club are yet to open talks, however it is expected he will stay at the club.
Frank Lampard's future does not appear to be in west London after the club made clear they would not be offering the England midfielder a new deal when his contract expires at the end of the season, much to the surprise of pundits and anger of fans.