The 21-year-old was also being tracked by Arsenal, but all moves will now be off after the striker confirmed he will be staying in La Liga, despite being heavily linked with a possible exit.
He released a statement via Valencia’s official website, highlighting his decision to remain in the La Liga to help Los Che progress: “I am delighted and proud to be continuing at Valencia CF for five more seasons.
“I want to thank the club for the confidence in me that they are showing. What I have to do now is pay them back by scoring goals and giving everything that I have to help the team.”
The Premier League duo were believed to be planning a bid in the region of £15million to lure him to England after the Spain international’s impressive start to the current campaign.
Alcacer has made 15 league starts so far this season, scoring five goals and providing another five assists. Valencia are now sitting fourth in La Liga, trailing leaders Real Madrid by nine points.