At 24, the midfielder felt he was too young to move to the Chinese Super League in January, with Jiangsu Suning rumoured to have made a £58 million bid
Former Chelsea team-mate Ramires was one of a host of high-profile players to leave Europe for Chinese Super League clubs in January, joining Alex Teixeira, Jackson Martinez and Ezequiel Lavezzi.
Jiangsu Suning were reportedly keen for Oscar to join their squad, alongside Ramires and Teixeira, but the 24-year-old says it would have been a step backwards.
"Of course I was sad to see [Ramires] go in the sense that we're from the same country, we're friends, we speak the same language and help each other out. It's a good move for him," he told The Sun.
"There was interest in me but I've no desire to leave Europe.
"The idea of moving to China would be such a huge change for me and would go against everything I've achieved so far.
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"Chelsea are a fantastic, very big club and I'm still young. I'm only 24 so I've got a lot of football ahead of me."
Oscar was among those to struggle under Jose Mourinho early in the season but has found form under Guus Hiddink following the Dutchman's arrival in December.
While the Premier League is beyond Chelsea, Oscar is keen to keep Champions League and FA Cup hopes alive, having taken on Frank Lampard's legendary number eight shirt this term.
"When I arrived I took the number 11 shirt from Didier Drogba, who is another historic player at the club," he added.
"Now I wear the shirt Lampard used to wear and I want to represent that number in a fitting way - by staying for a number of years and winning many trophies like he did."