Premier League heavyweights were hoping to see a proven international striker edge towards the free agent pool this season.
Arsenal, Liverpool and Tottenham Hotspur were all reported to be keen on the Dutchman, with transfer talks expected if no fresh terms were agreed.
Former Ajax and Real Madrid striker Huntelaar has, however, committed to a deal through to 2017 in Germany and says he never seriously considered a move to England.
He told Voetbal International: "I've never spoken to other clubs. It was always my intention to stay at Schalke. Of course I have ambitions, but so have the club. We are perfect for each other.
"My contract was good and remains good. But, for me, it was never about money. At Schalke I am enjoying myself. I play in a top competition, perhaps the best club competition in the world. I recommend that every Dutchman spends time in the Bundesliga, only then will you see how big football is in this country. I am very happy at Schalke and have no reason to go away.”
Huntelaar initially struggled to settle after being lured away from his homeland, with short spells taken in at La Liga giants Real and Serie A heavyweights AC Milan.
He has, however, found his spiritual home in Germany and is right to stay put.
His undoubted ability means he would probably have been a success in England, but he will be 34 by the time his new deal comes to an end and the Premier League boat may have passed him by.