After coming close to sealing a move to White Hart Lane on transfer deadline day in August, the former Sporting Lisbon midfielder is set to reject any offer from north London and is said to prefer a future in Portugal over any move elsewhere.
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"I've made the decision to stay with Porto," Moutinho told reporters.
"We believe in the value and quality we have here. I'm happy and what I want most is to win against PSG [in Wednesday's Champions League group game]."
Porto will be hoping to build on a positive start in the Champions League against PSG, after a 2-0 victory away at Dinamo Zagreb in their first game of Group A.