The 25-year-old striker is currently with Gent, and had been lined up by Norwich for a move to the Premier League.
But the DR Congo-born front-man could not bring himself to leave his current employers.
"I received a very nice offer from Norwich," Mboyo said.
"There were people around me trying to force the transfer but I did not want to do it, I wanted to help the team.
"It was not an easy choice. You're not sure whether you're again going to get the chance to move to the Premier League. But if I keep playing well, clubs will come back.
"I did not want to leave Gent in the lurch. The club was in trouble and after a conversation with the president it was clear that he is counting on me.
"The Premier League is my dream, so Norwich was a great opportunity. Maybe one I'll never get again.
"Norwich has long been interested in me. And there is another English club. Everything was accelerated at the end of the transfer period.
"But Gent is a club that looks to the future and did not opt for the money."