Steven Bergwijn has signed a new contract with PSV until 2023, the Eredivisie club have confirmed.
The Netherlands international had been heavily linked with a switch to Bundesliga giants Bayern Munich, while Manchester United were also reportedly interested during the Premier League transfer window.
But Bergwijn, 21, will instead continue his career-long association with PSV, where the forward has won three Eredivisie titles.
Explaining his decision, Bergwijn told PSV's official website: "This is the right decision.
"There were other options, but ultimately everything has to fit. For me, but also for PSV, and the result is that I stay here with great pleasure and with great confidence."
Head coach Mark van Bommel expressed his delight at tying down one of PSV's most prized assets, Bergwijn having scored 14 league goals last term.
"Steven has exceptional qualities and you, of course, like to have such a player in your team as a coach," he said. "It is fantastic news that Steven will stay."
Bayern were reportedly interested in Bergwijn due to a lack of progress in their pursuit of Manchester City star Leroy Sane, who has sustained a serious knee injury.
Ivan Perisic has made the move to Munich on loan from Inter, while Philippe Coutinho is also set to arrive on an initial temporary deal from Barcelona.