"Chairman Tag Al-Din Moharam asked me to stay for an additional year and I accepted his request," Mokhtar told FilGoal.com.

The former Ahli star handed in his resignation after guiding Petrojet to a third-place finish in the Egyptian Premier League, their best ever position in the elite competition.

Reports then indicated that Mokhtar would take over at Arab Contractors, who quelled rumors by appointing Mohamed Amer as their new manager.

Several Petrojet players, including skipper Hesham Al-Noubi and midfielder Mahmoud Abdul-Hakim, urged the highly-respected tactician to remain at the helm.

Mokhtar led the Petroleum club to Premier League promotion in 2006 and the team have made notable progress since then.

Petrojet finished seventh in their first season in the top flight and occupied fourth berth the following term.

This season, they booked a historic Confederation Cup place after beating off competition from ENPPI.