Chelsea target Lulinha has agreed a new contract at Corinthians.

The 17-year-old has agreed a new four-and-half year deal worth a reported £24million, replacing his previous contract which was due to expire in 2009.

"We have renewed the contract with him up to December 31, 2012," confirmed president Andres Sanchez.

The player himself admitted he was more than happy to remain with Corinthians.

"In 2012 I will be just 22-years-old, and that is not a high age really," he told Gazeta Esportiva.

"I have always spoken about fulfilling my contract with Corinthians and I have the same thoughts now."

Sanchez also revealed that any club wanting to sign Lulinha would have to pay the price of nearly £20million which could put off Chelsea who were believed to be considering bidding closer to £5million.