The 29-year-old signed a three-year deal with the Spanish Liga Santander side to keep him at the club until 2020.
Boateng became a subject of interest from several clubs with Valencia reported to have tabled a bid for the 29-year-old.
The former Tottenham and Dortmund attacker discloses he choose to stay with the Yellows despite receiving lucrative offers elsewhere.
"I'm very happy, so is the club and its president," Boateng told a news conference. "I hope that in the future we will do great things for this club, for this island and that we can all grow together."
"I had a difficult previous year so this was an important season for me," Boateng said. "I didn't expect to have such a good campaign because I was at a new club. That is why I'm happy. I hope to score many more goals next season."
"I had three teams that were very interested in me," Boateng said. "But I wanted to continue here. Money is important but it's not everything. It was more important earlier in my career but right now, what matters is that I'm happy here. I believe in this club and that is why I want to be a part of its future."
The player is currently Las Palmas top score with 10 goals and four assists so far this season.