The Blues remained interested in landing Pereira until late on deadline day despite having bids in the region of £17.5 million rejected by Porto.
Pereira had been left out of Friday’s Uefa Super Cup clash against Barcelona in Monaco, with many believing that it was an indication of his potential departure to Stamford Bridge.
However, the two clubs failed to reach an agreement regarding the transfer fee, with Porto holding firm over their £26.5m valuation of the player.
Earlier on Wednesday, one of Pereira’s representatives revealed a move to Chelsea was very unlikely. Now the defender has declared that he will not be moving.
“The clubs ended up not reaching an agreement and I will continue defending Porto,” Pereira told Radio Sport890.
“I was told they did not want to sell me in order not to weaken the team. As a player, I have to respect that decision.”
Pereira, who joined Porto from Cluj in 2009 £4m deal, played an integral part in the club’s treble of the Portuguese League, Portuguese Cup and the Europa League last season.
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‘I will continue defending Porto’ – Alvaro Pereira rules out Chelsea move