Chelsea target Alvaro Pereira has extended his contract with Portuguese champions FC Porto.

The Uruguayan left-back has penned a new deal which will keep him at Estado do Dragao until 2016 indicating that a possible future move to Stamford Bridge is unlikely to occur.

Former Porto boss Andre Villas-Boas was heavily linked with Pereira in the summer but a statement released by the club to the Portuguese stock market (CMVM) has confirmed he has committed himself to the Dragoes.

"The Football Club Porto informs the market of the extension to Alvaro Pereira's contract until June 2016. The release clause remains set at €30 million," it read.

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