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Pinto da Costa has revealed the Colombian has agreed to terms over a new contract which will include a buyout clause that will only take effect next summer.

Jackson Martinez will stay at Porto until at least next summer, according to the club's chairman.

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The prolific Colombia striker signed a one-year extension to his deal on Sunday, pledging his future to the Portuguese giants until July 2017, with the new terms including a substantial release clause of 35 million euro.

Martinez reportedly attracted interest from the Premier League, with the likes of Arsenal linked heavily with the player, but chairman Pinto da Costa said that the clause will not be active for the current transfer window or the next one in January and reiterated that Porto have no intention of selling their prized asset.

"Two days ago, when he came back to Porto, we talked and he said, to me, to [director general] Antero Henriques, and to the coach [Julen Lopetegui], he wanted to stay in FC Porto, he wouldn't move and was willing to renew his contract," Da Costa told the club's official website. "After that, we set up a strategy and decided how we were going to handle the renewal. In the agreement we signed, we decided on three more years of contract and determined that the release fee won't take effect for this current transfer window or for the January one.

"Whoever wants him will have to talk to FC Porto. Those that went around stating Jackson would go here and there need to accept what I've always said: Jackson is staying in FC Porto."

The 27-year-old, who has netted 60 goals in all competitions in two seasons with Porto, is now ready to focus on football ahead of the new Primeira Liga season.

"I feel good here, I have good relations with the club and with the fans," he told Corriere dello Sport. "I love the city and I am ready to give my best."

Porto, which finished third last season, begins the 2014-15 campaign with the visit of Maritimo on August 17.