Chelsea target Neymar is not close to a deal with Real Madrid or Barcelona, according to Santos president Luis Ribeiro.
"He is closer to a contract extension than to a move abroad," Ribeiro told Spanish newspaper Sport . "He will sign a new contract. He has a very good salary at Santos and we're confident that he will stay in Brazil.
"We expect him to sign shortly. We are working hard on this and expect news in the near future."
Chelsea have long been connected to the youngster, who has impressed for both Santos and Brazil. Over the summer speculation was rife that Neymar would make a move to either England or Spain, and Barcelona were said to have sent representatives to South America to garner a deal with the striker over the last week.
Chelsea appeared to be out of the race, but with Neymar now expected to stay at Santos, the Brazilian will be available to all possible bids again in the next transfer window.
And with Roman Abramovich taking a personal liking to Neymar’s style of play, Chelsea will no doubt be back in the mix to land the 19-year-old.