With an option in his favour to leave Manly at the end of this season, Koula had loomed as one of the most attractive options on the market for 2027.
But AAP understands the Sea Eagles' best player from the end of last year opted against seriously testing his value, instead signing through until the end of 2031.
The decision comes despite the 23-year-old shaping as a logical big-money option for Perth for next season, given his age and ability to play fullback.
Several other clubs were also expected to show an interest in Koula if he seriously tested the market and eyed off a long-term move to the No.1 jersey.
Instead, the Tongan international opted to remain at Brookvale, believing there is the potential to pursue a premiership at the club.
"I have been here since I was 15 or 16 years old, and I have got really comfortable and it feels like home," Koula said.
"I am just happy to be staying."
Beyond the NRL, Koula had also seemed a potential target for rugby after the teenage track star also played the 15-man code growing up.
His new deal at Manly means he will remain in the centres for at least the short term, with Tom Trbojevic the new captain and signed until the end of next season.
Manly briefly flirted with playing Lehi Hopoate at No.1 last year, with he or Koula likely to assume the fullback job when Trbojevic eventually finishes up.
Since debuting for Manly in 2022 as a speedy outside back, Koula has scored 38 tries in 82 games.
He had his best season in the NRL by far last year with 17 tries, busting 79 tackles and being Manly's biggest attacking threat during the second half of the season.
Koula's deal means he is one of the longest-signed players at the club, with Haumole Olakau'atu the only Sea Eagle locked in until 2031.
"Tolu's form last year was simply outstanding and deservedly so he was our player of the year," Manly coach Anthony Seibold said.
"In the three years that I've coached Tolu, I've seen a guy who has obviously got great athletic ability, but his consistency, his efforts at training, and his ability to break tackles has been there for all to see."
"Tolu is a very humble guy who has real passion for the club. He is among a group of players who are the future of the club.
"We are all thrilled he has committed long-term."
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