Chelsea target Neymar signs new Santos deal

Santos have tied down their sought-after striker Neymar to a new five-year contract following interest in the teenager from clubs in Europe.

Reigning Barclays Premier League champions Chelsea had reportedly made a substantial bid for the 18-year-old, who scored on his Brazil debut against the United States last month.

Neymar's potential move had caused a stir in Brazil with legendary striker Pele and new national team coach Mano Menezes publicly urging him to remain in his homeland.

"The final decision always rests with the player," Neymar told reporters.

"My father always will want what is best for me. I talked to him and decided to stay.

"Money alone does not bring happiness. I'm happy here and I want to continue being so.

He added: "It was a complicated decision, very difficult. But God gave us the wisdom and power to make the best decision.

"Now it's time to only think about Santos and winning more titles."

Santos' president Luis Alvaro lauded Neymar's for his "courageous decision" to stay in Brazil and believes other young players should follow suit and spurn the interest of European clubs.

"We've built a different possibility," Alvaro said.

"We no longer accept the idea that we're an underdeveloped nation always at the mercy of the powerful European clubs."