City were said to be interested, along with West Ham, Real Betis and Real Sociedad, but Maxi is happy to stay with the Spanish champions.
"I am staying because I can learn a lot from my team-mates,” he said.
“Here I am growing a lot and I am going to continue working and waiting for my chances.”
The 21-year-old may get a chance later this month with Samuel Eto’o playing at the African Cup of Nations for Cameroon.