Karim Benzema
Karim Benzema has shunned a move to the Premier League after signing a new deal at Real MadridReal Madrid

Arsenal and Liverpool have been dealt a blow in their pursuit of a new striker after target Karim Benzema signed a new five-year contract with Champions League winners Real Madrid.

The France international had been linked with a move to the Premier League after Columbia's World Cup star James Rodriguez moved to the Bernabeu for €80m (£63m).

Arsenal and Liverpool had been tracking the striker, whose contract was due to expire at the end of next season.

But the 26-year-old has ended speculation by putting pen to paper on a new deal that will see him remain at Los Blancos until 2019.

A statement on Madrid's official website said: "Real Madrid C. F. would like to announce the extension of Karim Benzema's contract with the club until 30 June 2019, to include the next five seasons."

Benzema joined Madrid from Ligue 1 club Lyon in 2009 for €35m (£28m) with the fee rising to as much as €41m (£33m).

Before his move to Spain, Arsenal and Manchester United had earmarked the player as an emerging talent and made enquiries about taking him to the Emirates and Old Trafford respectively.

But Benzema chose La Liga, where a disappointing nine goals in 33 appearances did not put off a queue of suitors who still wanted to secure his services.

He has since gone on to bag an impressive haul of 111 goals in 235 appearances on his way to collecting one Champions League, one La Liga title, two Copa del Reys and a Supercup of Spain.

News of his new contract will come as a blow to Arsene Wenger and Brendan Rodgers, who saw Benzema as the perfect talisman to lead Arsenal's and Liverpool's respective strike forces.

Wenger has been looking for another striker to challenge Olivier Giroud, while having ruled out a move for Mario Balotelli, Rodgers wanted the Madrid striker to replace Luis Suarez.

Both Arsenal and Liverpool now face a race against time to land a forward before the transfer window closes on 31 August.