The Ukrainian giants' trainer has put pen to paper on a new deal which binds him to the club until Summer 2015, despite having been linked with a move to Inter recently
Shakhtar currently enjoy a commanding position at the top of the Ukrainian Premier League, with second-placed Metalist Kharkiv lying 15 points behind the title holders.
And the Romanian coach, who is on the verge of securing his seventh Ukrainian league success this season, is happy to stay at the club, despite being linked with a return to Serie A side Inter recently.
"I love our fans. I love our players. I believe in my assistants," the 67-year-old was quoted as saying on the club's official website.
"I am convinced that together with the club, by joining our efforts, we are able to conquer new heights."
Meanwhile, Shakhtar's president Rinat Akhmetov insisted financial issues did not play a part in negotiations over the new deal.
"When we talked about the contract, money was not in question at all," he said.
"I was interested in only one major thing: did this team reach their maximum or they could make a step forward?"
After the international period, Shakhtar will resume domestic league action with a trip to Karpaty Lviv on March 30.