Newcastle United made contact with VfB Stuttgart over a move for the Morocco international in the final week of the transfer window, while Galatasaray and Saudi side Al Ittihad also registered concrete interest.
Al Ittihad reportedly offered to triple the 22-year-old's wages and tabled a €40m bid, but El Khannouss himself ultimately ended any prospect of a deal.
Speaking to Bild, the playmaker explained that a clear two-year development plan agreed when he first arrived in Stuttgart was behind his decision to stay.
"There were offers, but that wouldn't have been the right move for me. When I arrived in Stuttgart, we agreed on a plan spanning two seasons," El Khannouss said.
"I want to perform and earn my place in the starting XI. Stuttgart is the best place for me to develop as a player.
"We're playing Champions League football. In my young career, I've already played almost everything, only the Champions League is missing. That's why I'm in the right place here."
Stuttgart supporters can now look forward to at least one more season with the Belgium-born Moroccan before that two-year timeline is complete. El Khannouss underlined his value to Sebastian Hoeness's side with his first start of the season against Cologne, scoring inside 39 minutes in a 4-1 win.
El Khannouss was not the only attacking player to reject a lucrative move away from the Mercedes-Benz Arena this summer. Ermedin Demirović also turned down interest from Galatasaray following the arrival of forward Dzenan Pejcinovic, choosing instead to fight for his place after being tipped for a sale.
"I set out to earn respect for my name again. There had been a lot of talk, people saying I was a candidate to be sold," the Bosnian striker said. "Now I've been able to show that I'm here, and that I'm not a player who can't find a club. I wanted to stay, and I had great conversations with the coach too. I wanted to continue on this path here rather than look for a way out."