RIO DE JANEIRO, Nov. 9 (Xinhua) -- The 19-year-old phenom Neymar extended his contract with Santos until July 2014 on Wednesday.

The news frustrated a host of international clubs who had previously had their sights on the star striker.

Both Real Madrid and Barcelona were in a bidding war for the player and Neymar was nearly certain to leave Brazil to play abroad. However, he surprised everyone by extending his contract until the conclusion of the 2014 World Cup in Brazil.

Alongside Santos president Luis Alvaro de Oliveira Ribeiro, Neymar wore a shirt with the expression written "It's Good to be the King" during the announcement of his stay with Santos.

Santos will celebrate its centennial anniversary in 2012 and will embrace Neymar as its poster boy. His salary will improve to nearly 1.5 million US dollars per month, doubling what he currently earns.

Additionally, Neymar will receive a larger cut in the sales based on his image.