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.
With Zenit St Petesburg also looking to acquire his signature after a costly summer of signings themselves, it was thought that Moutinho could be on his way out of the Estadio do Dragao.
"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.