Porto have confirmed that they have agreed terms with James Rodriguez to secure the 19-year-old's services until 2016.
Rodriguez signed an improved two-year extension to his current deal, which expired in 2014, and club president Jorge Pinto da Costa stated that extending the winger's agreement is part of a move to protect the team's long-term future.
"We will continue to protect FC Porto's assets, and today we renewed the contract with James Rodriguez for two more seasons until 2016," the surpremo said, according to Uefa.com.
"He will have a release clause of €45 million."
Speculation suggested that Rodriguez may leave the Europa League winners amidst interest from Serie A giants Inter,following his displays at the recent Toulon Youth tournament.
However the Colombian, who scored a hat-trick in Porto's 6-2 Portuguese Cup final victory over Vitoria SC, has committed his future, as the club return to the Champions League next season.