The Brazilian defender was alerted to the Premier League sides after he revealed he would be leaving the Spanish giants to join an English side in 2015.
However reports in Spain from SPORT have now claimed that Alves will sign a new deal at the Nou Camp until at least the summer of 2016 following discussions with club officials.
It is believed that the right-back has already agreed terms for a one year deal although negotiations are thought to be ongoing to keep him at the club for a season after that.
The news comes following reports that Chelsea boss Jose Mourinho has asked the club board to do everything in their power to bring the 31 year-old to Stamford Bridge in January.
By Phil Wellbrook