Goal understands that Reus has attracted interest from Real Madrid, Bayern Munich, Manchester City, while Manchester United had contacted the German club to enquire about the 25-year-old's availability.
But Reus now looks set to stay with Dortmund, who currently occupy the relegation play-off place in the Bundesliga after a poor first half of the season.
"I am very happy about having decided to stay at BVB," said Reus.
"Dortmund is my hometown and Borussia is my club. I am looking forward to a successful future with our team, with our fantastic fans standing behind us. There's a lot of work to do and I want to help carrying the burden."
Dortmund CEO Hans-Joachim Watzke is buoyed by Reus's decision to stay and believes the midfielder can have a long-term impact at the German club similar to that of Steven Gerrard at Liverpool.
"We never trusted those transfer rumours," said Watzke, "and we always believed in our good chance that this extraordinary player will explicitly decide to commit his future to BVB.
"Marco can be the key player of an era, like Uwe Seeler was at Hamburg or Steven Gerrard at Liverpool.
"It is identification with the club at the highest level that he decided to renew his contract in the midst of a footballing crisis. We are very proud of it.
