Max Verstappen admitted he "seriously considered" retiring from Formula One or joining another team before signing his extension with Red Bull.
The Dutchman put pen to paper last month for a new contract through to 2030 amid speculation of a move to other teams, including Mercedes.
Four-time world champion Verstappen shared he considered leaving the sport at the age of 28.
"You have to take every conversation with another team seriously. But in the end, I was closer to quitting Formula One than to signing with another racing team," the Dutchman told German outlet Bild.
He continued: "You either quit or you don't, so it's a 50/50 decision. I seriously considered calling it quits. But at the end of the day, I just love racing."
Verstappen currently sits sixth in the Drivers' Championship after finishing second in Sunday's Grand Prix in Spain.
The Dutchman said the reason behind his new deal was not because of noise and pressure from elsewhere.
He explained: "If both parties want to work together long-term, why wait?
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"The criticism doesn't bother me. I don't care what others think of me.
"The only thing that matters is how my family, my management, the team, and I feel about it. I have to be able to get along with myself, and I can."
Verstappen feels he has nothing left to prove in the sport after winning the world championship four years running.
He said: "I'm a four-time world champion, and after my first title, I'd already achieved everything I ever wanted.
"I don't race for the history books, but for myself, the team, and our fans. Because of that, the decision was ultimately made quickly.
When asked if he will race into his 40s like Fernando Alonso, he said: "I don't think so, but that's impossible to predict. I'll keep racing as long as I enjoy it."
The Dutchman feels he is already ruled out for the world championship this year after Kimi Antonelli's win in Spain.
The Italian sits on 292 points, while Verstappen has 145 after finishing on the podium six times without winning a race.
Verstappen, who is 147 points behind Antonelli, said: "I'm definitely not having a comeback."
The Italian beat the Dutchman by just over four seconds after pulling clear in his Mercedes.
Reacting to his win, he said: "It was a very difficult race, not straightforward at all, especially trying to manage tyres.
"It's good to win, but it doesn't feel as good because I think Lando today deserved to win. But overall, you know, we'll take it. Other than that, it was a very strong race."
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