The Scot was the subject of a number of bids from Middlesbrough during last summer's transfer window, but he inked a new four-year contract at Elland Road at the end of August.
The 27-year-old has scored 12 times so far this season, including all four in his side's 4-2 win at Charlton Athletic on Saturday.
That result left Brian McDermott's side one point outside the play-off positions, and McCormack is certain that top flight football can return to the club for the first time since 2004.
"I could have moved in the summer but I signed a new deal because I believe that, within the next four years, we're good enough to get this club back in the Premier League. If we can do that, then I'll be a happy man," said the former Cardiff City, Motherwell and Rangers player.
"You have to assess it. Would you rather go to a Premier League team who might be in a relegation fight or do you stay here and try and become one of the top scorers ever at this club?
"It was a no-brainer. I'm privileged to play for such a big club. I've got four years left and I'm looking forward to getting this club back to where it belongs."