MADRID (AFP) - Atletico Madrid's Argentinian coach Diego Simeone has agreed to extend his contract with the Spanish champions until 2020, the club said on Tuesday.

The 44-year-old, who had been linked to a move to Manchester City or Paris Saint-Germain, had been under contract with Atletico until 2017.

"The club is undergoing a period of solid growth and I chose to stay where I am," Simeone told a news conference. "I am convinced that the club will continue to grow, I see it getting stronger, I see it enthusiastic."

In January, Chinese multi-billionaire Wang Jianlin bought a 20 per cent stake in Atletico and Simeone has reportedly been told the club will not need to sell their best players to meet huge debt repayments as in the past.

Wang, who is No. 42 on Forbes magazine's list of the world's richest people with a fortune estimated at US$18 billion, will invest a much-needed €45 million into the Atletico coffers for his share of the club.