Colombian international striker Radamel Falcao has shunned the chance to join one of Europe\'s superpowers by extending his contract with Porto to 2015, the Portuguese champions announced on Thursday. The 25-year-old, who scored 38 goals for Porto last season as they won the domestic league and cup double, as well as the Europa League, had been widely tipped to follow former coach Andre Villas-Boas to Chelsea. This week he also emerged as a target for Real Madrid who were reported to be willing to meet the 30million euro release clause in his contract. The new deal provides for a release clause that has been raised to 45million euros, the club informed the Portuguese stock exchange. Falcao joined Porto in 2009 from Argentina\'s River Plate and has scored 73 goals in 85 games in his two seasons with the Portuguese club. He is due to line up for Colombia against Peru on Saturday in the quarter-finals of the Copa America.