"I had several offers, including one from Inter," said 34-year-old Nedved. "But I am happy here and my intention was to stay at Juventus.
"I want to help Juve return to play in the Champions League.
"It would be fantastic to contribute to the team returning to such a great competition."
Nedved also revealed he considered retiring at the end of last season.
"I seriously thought about it but I have a good reason to continue," he added.