Olympique de Marseille v Club Atletico de Madrid - UEFA Europa League Final
LYON, FRANCE - MAY 16: Jose Gimenez #24 of Atletico Madrid reacts during the UEFA Europa League Final between Olympique de Marseille and Club Atletico de Madrid at Stade de Lyon on May 16, 2018 in Lyon, France. (Photo by Maja Hitij/Getty Images)

Real Madrid’s hopes of signing Jose Gimenez have ended after the defender signed a new five-year deal with Atletico Madrid that will run until 2023

The European Champions were eyeing a move for the 23-year-old this summer as a potential long-term replacement for their ageing captain Sergio Ramos, who is 32.

Gimenez had struggled for regular minutes under Diego Simeone last season and a move away from the Wanda Metropolitano seemed like a possibility.

But he has now committed his long-term future to Atletico.

“I’m so happy, I really appreciate the club’s confidence in me,” Gimenez told the club website.

“Since I arrived at the club we have grown so much, we have won important titles, we have consolidated between the great times in Europe, we have a brand new stadium and it is an honour that they bet on me and to be able to keep contributing to the growth of this great project.

“Miguel Angel Gil has shown me the confidence that the club puts on me in a conversation in a Montevideo. Gestures like these can’t be forgotten and this made it easy to take this decision.

“We have a fantastic group that is the key to all of our sports success and since I arrived here I feel like home, that’s why I want to give my best to thank the confidence shown.

“Also, I want to thank the fans for their support, it is very important for me. It’s something that my family and I wanted.”

Gimenez’s release has now been increased to €120m as part of his new deal.