Report: Ivanovic agrees to new 1-year contract with Chelsea

Branislav Ivanovic will call Stamford Bridge home for at least another season after agreeing to a new Chelsea deal.

The Serbian international has ended speculation about his future by putting pen to paper on a new one-year contract with the Blues, according to ESPNFC.

The 31-year-old apparently drew interest from AC Milan, but snubbed the Italian side's advances in favour of staying with the club he's represented since 2008.

Despite his preference to sign a longer deal, Chelsea wasn't willing to budge from its policy of offering one-year contracts to players over the age of 30.

The extension is expected to be confirmed by the club later in the week.