Liverpool-linked winger Juan Mata will reportedly extend his contract at Valencia.

The Merseysiders, along with La Liga champions Barcelona, were thought to be in pursuit of the highly-regarded 21-year-old.

But Valencia have locked down their most promising talent by increasing his salary. Strangely, according to skysports.com, the length of the contract was not extended while the minimum release fee clause remains the same of 90million Euros.

The deal means that the winger is still contracted to the club until 2012 so clubs reportedly interested are likely to continue to monitor the situation.

However, after two impressive seasons since breaking into the Valencia side in 2007 the club have been keen to tie Mata down to a longer deal but talks have recently stalled as a result of the club's perilous financial position.

"This is the price for the excellent two seasons that the kid is developing at the club," Mata's father and agent Juan Manuel said.

"We are satisfied after the last meetings."

Valencia's sporting director Fernando Gomez has claimed his club have not received any offers but does not rule out future offers.

"We have not received any formal propositions. I do not say that will be the same in the future," he said.