Pereira signs one-year extension
© AFP

Porto left-back Alvaro Pereira has signed a new contract that ties him to the club until 2016. 

Chelsea saw a bid for the Uruguay international rejected during the transfer window, with the 25-year-old now committing his future to the Portuguese champions. Pereira, who still has a release clause of £25.7million, was previously contracted until 2015.

A statement released by the club to the Portuguese stock market (CMVM) read: "The Football Club Porto informs the market of the extension to Alvaro Pereira's contract until June 2016. The release clause remains set at €30m."