Spanish football journalist Guillem Balague has claimed that Diego Simeone has turned down "huge" offers to take charge of Paris Saint-Germain and Manchester City.
The 44-year-old has been linked with a number of clubs after guiding Atletico Madrid to the La Liga title and the Champions League final last season.
"He had a huge offer from City, a huge offer from PSG, from two Italian teams, but he is close to signing a new deal with Atletico Madrid until 2020," Balague told Sky Sports News.
"Five more years, and that is not normal in Spanish football but Atletico Madrid realise they need Simeone and Simeone realises he is happy with what Atletico Madrid does."
Atletico are currently fourth in the La Liga table.
