( dpa ) - The striker Neymar - one of the current child prodigies of Brazilian football and billed as the successor of Real Madrid's Robinho - signed a new contract with Santos Friday that expires in 2011. Neymar turned 16 on February 5.
The deal further gives the Sao Paulo Santos a priority option to extend the contract four more years.
Although no further details were made public, Brazilian media said the contract establishes a penalty of around 75 million dollars in case Neymar leaves to play abroad.
Last year, there were rumours in Brazil that Real Madrid and Manchester United might be interested in the youngster.
Two weeks ago, Santos committed to transferring 1.13 million dollars to Neymar's family over the next six years, for him to remain at the club.
"It is a lot of money, but (Santos President) Marcelo Teixeira thought it would be worthwhile. We hope to trade him off for at least 50 or 60 million real (28-34 million dollars) afterwards," said former player Zito, the supervisor of Santos' youth schemes.