Reports last night suggested that Tottenham had lodged a club record £38.5million bid for the 22-year-old hitman.

But the Argentina forward agreed a two-and-a-half-year extension to his existing deal earlier this month and formally signed the contract at a presentation in Madrid at 1200GMT.

The new deal is thought to reduce the buy-out clause in the player's contract but Aguero himself insists he will not be leaving the Vicente Calderon.

"I'm staying here because I want to," Aguero told Atletico's official website.