Kevin-Prince Boateng says he turned down several offers from other clubs to remain at Las Palmas because he is "very happy" at the La Liga outfit.
Las Palmas announced on Thursday that Boateng, 30, has agreed to stay with them for another three seasons.
A club statement read: "UD Las Palmas have reached an agreement to extend Kevin-Prince Boateng's contract for the next three seasons, hence the player will be tied to the club until June 2020."
Boateng signed a one-year contract with Las Palmas last summer after being released by AC Milan and has been one of the team's best players this season.
The midfielder is the Canary Islands-based side's leading scorer with 10 goals and has also set up four more in 28 league appearances, with 25 coming as a starter.
"I'm very happy, so is the club and its president," Boateng told a news conference. "I hope that in the future we will do great things for this club, for this island and that we can all grow together."
Boateng arrived at Las Palmas eager to prove his worth after making just one Serie A start at Milan, whom he returned to in January 2016 from Bundesliga side Schalke.
"I had a difficult previous year so this was an important season for me," Boateng said. "I didn't expect to have such a good campaign because I was at a new club. That is why I'm happy. I hope to score many more goals next season."
Valencia were among the clubs that were reportedly interested in signing Boateng this summer.
"I had three teams that were very interested in me," Boateng said. "But I wanted to continue here. Money is important but it's not everything. It was more important earlier in my career but right now, what matters is that I'm happy here. I believe in this club and that is why I want to be a part of its future."
Las Palmas president Miguel Angel Ramirez said Boateng has decided to continue despite the club not being able to increase his wages.
- UD Las Palmas (@UDLP_Oficial) May 18, 2017
"I want to thank Prince. He is a man of his word," Ramirez said at the news conference. "There were many important teams interested in Prince, teams from La Liga and from abroad. But he has decided to remain with us, even though he will not earn more than he is currently earning because he knows the club's [financial] limitations.
"Moreover, his wife and his child live in Milan and that is a sacrifice for Prince. He could have joined another club and been closer to them. We are grateful that Prince has put his trust in us. It's great news for our club and our fans. I'm certain we will have more nights of glory with Prince having a starring role as he has done this year."
Las Palmas are currently 14th in La Liga with one game of the season remaining.
Meanwhile, Saturday's game at Deportivo La Coruna will be coach Quique Setien's last in charge of Las Palmas.
Setien, a reported target of Real Betis, has not signed a contract extension and his current deal ends this summer.
According to local reports, Manolo Marquez, coach of the club's reserve side Las Palmas Atletico, is the main candidate to succeed Setien.