The precocious midfielder is wanted by the Premier League team as well as Inter Milan and the Brazilian club were bracing themselves for January interest.
The 19-year-old is already rated at around £25m following sparkling displays for his club and country and it was thought that Sao Paulo might be tempted to cash in on him in the New Year.
But Lucas, who was born in Sao Paulo and joined the team's youth side six years ago, has now revealed that he has no intention of leaving.
He told O Globo: "2011 has been a good year for me and I hope that 2012 is even better.
"For the new year I have some great objectives and they all go through Sao Paulo.
"I want to win a title and also have a great Olympics in London. After that I will see but I'm only interested in Sao Paulo."
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