Monaco reportedly rejected a €50 million bid from Chinese Super League side Tianjin Quanjian for Falcao, 31, during the January transfer window, and the Colombia international repaid the principality outfit with 30 goals and six assists in all competitions during a fruitful 2016-17 campaign.

The former Porto and Atletico Madrid striker was handed the captain's armband by coach Leonardo Jardim upon his return to the club last summer and flourished after successive poor seasons with Manchester United and Chelsea.

He had said earlier this month he hoped to extend his contract, and the club announced on Thursday the forward has added two years to the original five-year deal he signed when he arrived at the Stade Louis II in 2013, tying him to the club until 2020.

"I am pleased to continue my adventure at AS Monaco. After this unbelievable season in which I got back to my best, all I wanted was to keep this great story going!" Falcao told Monaco's official website.

"I'm convinced that this project will be just as exciting next season, as we aim for the best..."

In a tweet on his official feed, Falcao added: "Very happy to continue building this project."

Monaco have already seen midfielder Bernardo Silva leave for Manchester City, and the Portugal international this week suggested more players, such as City and Liverpool target Benjamin Mendy, could depart as the Ligue 1 champions cash in on this season's success.

Falcao now appears unlikely to be on his way out, and the club's vice-president Vadim Vasilyev was delighted to have tied the forward to a longer deal.

"I am very happy that Falcao has extended his contract with the club. I have always said that he is one of the best strikers in world football and this season he has proven that his talent is intact," the Russian explained.

"It's satisfying to keep him as a goalscorer and a leader of our team. After this outstanding season, it demonstrates once again our ambition for the future."