The Brazilian was widely-linked with a lucrative move to either Paris Saint-Germain, Real Madrid, Manchester United or Manchester City, however, his agent put an end to all media speculation when he confirmed that the 24-year-old will remain with the La Liga giants and look to continue his devasting form alongside Lionel Messi and Luis Suarez.
"The athlete, along with his family, has decided to stay with FC Barcelona and will renew his contract for five more years," said the players agency NN Consultoria.
"The contract will be formalised this week. The decision puts an end to speculation about the star's future."
Neymar revealed his delight on his official twitter account: "I am very happy to continue living this dream. Long live Barca and long live Catalonia!"
Neymar was among the men named on Wednesday as part of Brazil's Olympic football squad for next month's Games in Rio de Janeiro.