Ilkay Gundogan
Borussia Dortmund midfielder Ilkay Gundogan has decided to stay on with Borussia DortmundReuters

German playmaker Ilkay Gundogan seems to have dashed hopes of Premier League outfits Manchester United and Arsenal that had been identified as potential suitors to snap up the player from Borussia Dortmund this summer.

The player's agent, Ilhan Gundogan has revealed that following talks with newly-appointed head coach Thomas Tuche, Ilkay is very much up for being a part of the coach's plans, and is willing to see out his contract at the Signal Iduna Park, which expires at the end of next season.

"This [staying at Borussia Dortmund] is clearly an option again," Ilhan Gundogan, also the player's uncle, told German daily Sueddeutsche Zeitung, when asked about a potential contract extension.

"There are several things in favour of Ilkay finding his old level and doing that in a familiar, comfortable environment."

The 24-year-old German had said in April that he would not be renewing a contract with the Black and Yellows, amid wide interest shown by the Premier League giants as well as La Liga outfit Barcelona.

It was thought that the departure of former coach Jurgen Klopp from Dortmund this summer would be the reason for Gundogan to leave the club, but following positive talks with new coach Tuche, the player seems to have changed his mind.

Gundogan's uncle has also denied that Dortmund will be willing to release him for free following the end of the 2015-16 season, when his contract with the club ends.

"We would have never accepted that [leaving the club for free once his contract ends]. It was always clear that Dortmund should get a fee, [they deserve] a sign of gratitude," Ilhan added.

It will now be interesting to see whether the one-time Bundesliga winner extends his contract with Dortmund in the coming days, or whether he is put forward an offer in the table that he finds hard to reject.

Gundogan, often referred to as one of the best creative midfielders in football today, arrived at Signal Iduna Park in 2011 from Nurnberg, for a minimnal fee. He has gone on to appear in 117 games for Dortmund so far and has 12 goals and 14 assists to his name.

His present market value is around £14m.