The Portuguese newspaper carries quotes from the player's agent, Rafael Bray, who claims Benfica had the chance to sell Garay but decided to keep him at the club.
Manchester United and Russian side Zenit St Petersburg were the two clubs most often linked with the Argentine defender.
And Bray has confirmed there was interest heading into the second half of the season.
"Benfica resisted offers so the transfer did not materialise at this stage, mainly to have the best players [available] to fight for titles," he said.
Benfica are currently five points clear at the top of the Liga Sagres table, and Garay, who has played in all but one game this season, has been a rock at the back alongside Brazilian partner Luisão.
Bray went on to hint that Garay may have wanted to leave Benfica, but insisted he's happy to stay for the time being with an important World Cup on the horizon with Argentina.
"It may have been a difficult decision to understand, but it was accepted," Bray continued.
"We will see what will happen in the future. Right now the market is closed and Garay is concentrating on the sports aspect, playing his best possible [football] and having a great World Cup."
United have been linked with Garay since last summer, and with club captain Nemanja Vidic set to depart at the end of the season, Old Trafford boss David Moyes is expected to move for a central defender.
But the United target was also being tracked by Zenit St Petersburg, and they may rival the defending Premier League champions for his signature this summer.
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