Todd Carney has rejected almost $1 million by deciding to remain a Shark for the rest of his career.

The incumbent NSW five-eighth has agreed to a five-year deal that will keep him at Cronulla until the end of the 2018 season. Carney, who turns 27 next month, closely considered lucrative offers from Penrith and New Zealand Warriors with deals of about $5 million for five years. He informed the Panthers of his decision to remain at the Sharks on Thursday afternoon.

New deal ... Todd Carney has re-signed with the Sharks. Credit:Getty Images

Cronulla coach Shane Flanagan said Carney's decision was a welcome relief. ''I've had time to think about it and had a few sleepless nights,'' Flanagan said. ''The alternative wasn't real good. If Todd wasn't here, where do we go next? There's a bit of a gap I feel at the moment between the elite players.''

Carney is now expected to earn more per season than he has during his first two seasons at the Sharks. He joined the club at the start of last year on a deal worth about $700,000 over two years, in an incentive-based contract. The Panthers remain on the lookout for a partner to incoming Jamie Soward after missing out on Carney and Johnathan Thurston.