Telefoot1 reports that the 29-year-old Brazilian footballer will stay put, despite speculation suggesting he could make a return to Barcelona.
Neymar signed a five-year contract when he swapped Nou Camp for Parc des Princes in 2017 for £197 million.
The report of Neymar's agreement comes as it was also reported that he was eyeing a reunion with his former team mate Lionel Messi this summer.
Ex Barcelona scout Andre Cury told El Litoral: "Neymar will play with Messi again, not at PSG but at Barcelona."
The 33-year-old Argentine ace has been linked with PSG and had reportedly expressed his intention to leave Barcelona after they dropped out of the Champions League with an 8-2 loss to Bayern Munich last summer.