Chelsea target Pereira signs new contract

FC Porto's Alvaro Pereira was coveted by Chelsea in the summer transfer window, but it appears that a move may be unlikely now, with the left back's agent claiming that his client has signed a new contract.

Pereira was almost signed by Chelsea on deadline day, but talks broke down when Porto refused to reduce their asking price of €30 million.

It was speculated that Pereira was left unhappy by the club's refusal to sell him, but has now signed a one year extension. His new contract lasts till 2016.

Speaking to Maisfutebol, Pereira's agent Flavio Perchman said, "A lot was said in the summer and we should leave talks to Porto now.

"Alvaro Pereira is motivated, he already had a good contract with Porto and now he only thinks about doing a good season."

It is interesting to note that his release clause has remained untouched.