The Brazilian's previous contract with Santos was due to expire on 30 June, but the Serie A side announced that the 33 year-old will remain at the club. 

It is reported that the deal includes the option to extend his contract through the 2026 World Cup, which will take place in the United States, Canada and Mexico. 

Neymar returned to Santos in January after spending 12 months out due to a knee ligament injury, which led to his contract with Al-Hilal being terminated. 

He recorded six goal contributions (three goals and three assists) in 14 appearances across all competitions. 

"I made a decision and I listened to my heart," Neymar said in Santos's press release. "Santos is not just my team, it's my home, my roots, my history, and my life.

"Here, I was a boy who became a man, and I am truly loved. Here I can be myself, truly happy. And this is where I want to fulfil the dreams that are still missing in my career.

"And nothing will stop me. I go, I come back and I stay. Where it all began, where it's never going to end."

Neymar revealed ahead of the ongoing Club World Cup that he was "very close" to joining fellow Brazilian side Fluminense for the competition. 

He stated that talks were held over a potential move, but he chose to remain focused on regaining his fitness after missing seven games across April and May with a hamstring injury.

"It is a historic and remarkable day for Brazilian football, a gift for the Santos FC fans," Teixeira said. "Our idol, our boy, the prince with our number 10 shirt, remains.

"It is a very important moment in this rebuilding process, and we needed Neymar, both on and off the field.

"The phrase 'I go, I come back and I stay' is emblematic and fundamental to the repositioning of Santos FC at its rightful level."