BATON ROUGE, La. -- Les Miles received a new seven-year contract and a pay raise Wednesday from LSU, ending speculation that one of the most successful coaches in the school's history might leave for rival Arkansas.

Miles' new deal runs through 2019 and amounts to a two-year extension. LSU athletic director Joe Alleva would not comment on the financial terms of Miles' raise, the first to his base salary since 2007.

"Les Miles is one of the premier coaches in the country and has LSU in contention for championships year in and year out," Alleva said.

Alleva claimed LSU planned on giving Miles the extension and raise after the Tigers' bowl game. But talks were expedited when reports surfaced Tuesday that Miles was entertaining an offer from Arkansas.

"It's been my plan all along to give (Miles) a raise and an extension, and that's what we're doing," Alleva said. "You can talk all you want about winning championships. It's really not always about winning championships. It's about being in the hunt to win championships, and (Miles) has shown that he's consistently in the hunt to win championships."

The New Orleans Times-Picayune reported Tuesday that Miles received a five-year, $27.5 million offer from Arkansas, which has been looking to fill its coaching vacancy since firing John L. Smith on Saturday.

Miles confirmed that he spoke to Arkansas athletic Jeff Long about the job but described the talks as "very preliminary" and claimed that report of the lucrative financial offer "was not true."

Miles is 85-20 since arriving at LSU in 2005, with one national title during the 2007 season and two BCS championship appearances. LSU's victory over Arkansas last Friday clinched Miles' fifth 10-win season with the Tigers.

"I can tell you I very much respect those Razorbacks and how they played in that last game," Miles said. "But I'm an LSU head coach and I'll be an LSU head coach for as long as I can be."

Miles has enjoyed plenty of success in Baton Rouge, overseeing LSU's best eight-year stretch in school history. The Tigers have four top-five finishes and two SEC championships during his tenure.