Ashley Cole has reached an agreement on a new contract at Chelsea.
While the deal has not yet been officially signed, the formalities are expected to be completed early next week, with reports suggesting the contract is a one-year extension.
The news ends speculation about the 32-year-old's future. His current deal is set to expire at the end of the season, reports the BBC.
Frank Lampard is also out of contract at the end of the season, but looks increasingly likely to leave Chelsea.
Despite coming towards the end of a glittering career, Cole is still regarded as one of the best left-backs in the world.
The defender had been widely expected to leave Stamford Bridge. Shortly after taking over as Chelsea boss, Rafa Benitez was asked whether he thought Cole and Frank Lampard , 34, would be leaving the club when their contracts expired.
"I think so, I think that's the case at the moment," he replied.
And Paris Saint-Germain - whose boss, Carlo Ancelotti, managed Cole at Chelsea - have been strongly linked with the England player.
Cole has won 99 England caps and has been a fixture in the Chelsea defence since moving to Stamford Bridge from Arsenal in 2006.
Since what was widely regarded as a controversial move, Cole has won one Premier League title, four FA Cups, one League Cup and last May lifted the first European Cup of his career.