Inter striker Lautaro Martinez has signed a new four-and-a-half-year contract, the Serie A club have announced.

The Argentina international's new deal expires at the end of the 2025-26 season and does not contain a release clause, according to reports.

Martinez had previously been heavily linked with Barcelona, while rumours of interest from Premier League clubs including Arsenal and Tottenham circulated in the previous transfer window.

However, the 24-year-old has committed his future to the Serie A champions, who had remained determined to keep the former Racing star after seeing Romelu Lukaku depart for Chelsea.

Martinez said on Inter's website: "I am very happy to be here and to stay for so long. I send a big hug to all the Nerazzurri fans. Come on Inter!"

Inter players Serie A goals and assists 2020-21

The news of Martinez's new deal came on the day Inter announced losses of €245.6million for the 2020-21 financial year.

Inter said the impact of the coronavirus pandemic amounted to approximately €110m due to the loss of matchday revenue from spectators and reduced income from sponsors.

The Nerazzurri also paid €30m towards "the termination of sports contracts". Head coach Antonio Conte left at the end of last season after reported disagreements with the board over transfer plans.

Financial concerns were largely behind Inter's decision to sell Lukaku and Achraf Hakimi, who joined Paris Saint-Germain for a reported initial fee of €60m, while they had also cast doubt on a possible extension for Martinez.

However, speaking at a meeting of shareholders, president Steven Zhang made it clear Inter did not want to compromise their sporting objectives despite the COVID-19 toll.

"Within an economic and social context distorted by the pandemic, the stability and financial sustainability of the company, combined with sporting competitiveness at the highest levels, are the focal points of our strategy," he said.

"The results we have achieved are testament to our work and our commitment. The club has returned to winning ways with a clear and defined vision."

Signed from Racing in July 2018, Martinez has scored 54 goals and provided 15 assists in 144 appearances for Inter in all competitions.

He featured in every Serie A game under Conte last season as they ended their 10-year wait for the Scudetto, combining to devastating effect with Lukaku as Inter finished 12 points clear at the top.

Martinez has five goals in 12 games in 2021-22 under new coach Simone Inzaghi, with Inter third in the table after 10 matches, seven points behind city rivals Milan at the summit.