Lampard has opted to stay and work under new boss Luiz Felipe Scolari
Chelsea midfielder Frank Lampard has signed a new five-year contract, which will keep him at the club until 2014.
The England international had run into the final year of his deal and was a target for Inter Milan, who are managed by ex-Chelsea boss Jose Mourinho.
But Lampard, who held out for a long-term contract, has finally agreed a new deal which he says will keep him at the club for the rest of his career.
Lampard, 30, moved to Stamford Bridge from West Ham for £11m in June 2001.
"I see it as my final big contract and I will play out my days at Chelsea," said Lampard after signing his new deal on Wednesday. "I want to finish my career at Chelsea.
"It is something I've said many times and, after signing this contract, I am very happy and positive I will finish as a player here.
"I've had seven great seasons here and now I can have many more," he told Chelsea TV.
Lampard explains his reasons for staying
"It's been a difficult summer for many reasons and that was one of them. A lot of things were said that were untrue, some things were said that were slightly true... and that was frustrating.
"Now we can put that to bed and concentrate on football."
Speculation surrounding the goal-scoring midfielder rumbled on throughout the season as the Londoner entered the final year of his previous contract - and it intensified when former Blues boss Mourinho tabled a bid to take him to Inter Milan after he became their manager in June.
"Everyone knows [Inter] Milan made a bid for me and that was something I had to look at," Lampard admitted.
"That was a possibility when we knew they had made an offer for me, I had to make a decision for myself and this club has been very, very good to me.
"I don't see any squads as strong as us. I feel very excited to be part of the future and now hopefully we can win back some titles."
He also thanked the club for giving him time to decide on his future, especially in light of the death of his mother in April.
Everyone knows [Inter] Milan made a bid for me and that was something I had to look at
"My world got turned upside down and I don't think it is anything anyone appreciates until you go through it," added Lampard. "The club gave me time and I appreciate that.
"I feel for sure I've made 100% the right decision, for myself, for my family and for Chelsea Football Club."
He also touched on reports which suggested Chelsea had only been willing to offer Lampard a four-year contract, with the player holding out for a longer deal.
"It has taken a while to get the deal done and there has been a bit of compromise on both sides," he said.
Chelsea chief executive Peter Kenyon admitted that contract talks had dragged on, but only because it was such a major decision for Lampard to make.
"It's taken both Frank and the club longer than we originally thought," he said.
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