Kelvin Davis has rejected a move to the Barclays Premier League with West Ham and signed a new three-year deal at Southampton.
The 32-year-old goalkeeper, who was out of contract at St Mary's, had been training with the Hammers and was due to turn out in their pre-season friendly at Grays on Sunday.
But now Swiss businessman Markus Liebherr has completed his takeover of Saints, his first move was to persuade last season's player of the year and captain to stay on the south coast.
Hammers boss Gianfranco Zola wanted Davis as understudy to England international Robert Green at Upton Park, but he has instead opted for first-team football with Saints - despite the fact they kick off next season in League One with a 10-point penalty.
"The decision for me was between the opportunity of first-team football at Southampton or the chance to play Premier League football and I have made my choice to stay at Southampton," he told the club's official website.
"After speaking to Gianfranco Zola and (goalkeeping coach) Ludek Miklosko at West Ham, they were both very understanding of my position and I hold them both with the utmost respect.
"I got the call and the new people at Southampton were quick to offer me a new contract and were very clear in what they want to achieve for the football club.
"I always said from the end of last season that League One football does not scare me and I obviously feel as responsible as anyone for the club's position."
