Kylian Mbappe decided to stay at Paris Saint-Germain because changes to the "ongoing project" convinced him that his "story" there was not complete.
The 23-year-old told PSG last summer that he wanted to leave and join Real Madrid.
Had he moved 12 months ago PSG would have received a significant transfer fee for him, but multiple bids from Real were rejected.
Real did not give up though and had hoped to sign him this summer on a free transfer as his contract had been due to expire in June.
Mbappe agreed deals in principle with both Real and PSG, before eventually opting to extend his stay in Paris, rather than moving to Madrid.
France international Mbappe signed his new PSG contract on Saturday before the club announced it at the Parc des Princes ahead of their final game of the season.
Mbappe scored a hat-trick in that game as PSG ended their Ligue 1 campaign with a 5-0 win over Metz.
Two days on, Mbappe and PSG president Nasser Al-Khelaifi held a press conference.
Speaking at the event, Mbappe said, as quoted by BBC Sport: "Leaving my country isn't the right thing. There is a sentimental aspect to this. It is my country.
"The ongoing project has changed as well. That has made me want to stay here because I don't think my story is over yet.
"That goes for me collectively and individually. I think there are many more wonderful chapters to write."
PSG have won 11 trophies since Mbappe joined them from Monaco in 2017.
That haul includes four Ligue 1 titles, three Coupe de France crowns and two triumphs in the Coupe de la Ligue.
But it is no secret that Champions League glory is the top priority for PSG and Mbappe.
"We want to create more trophies. We have won plenty so far, we want to win many more," Al-Khelaifi said.
"We want to win the Champions League. We are headed down the same path with our sporting goals."
It had been rumored that PSG persuaded Mbappe to stay by offering him control over sporting decisions at the club, including giving him a say regarding who the club signs and sells.
But Mbappe said: "I remain a footballer, who is part of a team, and I will not go beyond this role.
"Everyone knows that last year I wanted to leave and I was convinced that it was the best choice, but the years go by and things change."