Pep Guardiola admitted that Ederson came close to leaving Manchester City in the transfer window but stayed because a fee could not be agreed.
The Brazilian was linked with a move to the Saudi Pro League in the off-season, with both Al-Nassr and Al-Ittihad both reportedly interested in his signature.
Since joining the club in June 2017, Ederson has kept 113 clean sheets in 257 Premier League appearances, more than any other goalkeeper in the competition since his debut.
He has won 15 major trophies with City, including six Premier Leagues, two FA Cups and a Champions League title, as well as the UEFA Super Cup and Club World Cup.
Ederson has played in all seven of City's Premier League matches so far this season, keeping just one clean sheet and conceding eight goals from an expected goals on target (xGoT) of 8.54.
Guardiola is delighted that he was able to keep hold of Ederson, who continues to play a pivotal role in the team.
"He is an important figure with our team," Guardiola told the club's website.
"We are lucky to have him, and I hope he is happy. Eddy knows us really well and what we have to do.
"He knew from day one that I didn't want him to leave. The truth is the offer didn't come. The real offer.
"They make an offer but the keeper, who won four Premier Leagues in a row, he has a value and a price. Otherwise, he cannot leave.
“If the offer did come, maybe he should not be here. This is the truth.
"Ederson is so strong, but when he changed his mind, in one second he said he is here, and he is going to do his best."