The England Under-21 star had reportedly been targeted by several sides from the top flight, with Wigan Athletic, West Ham United and Manchester City in the running. Canaries fans were bracing themselves for a tense week as they prayed that the club could keep their prize asset from the big boys before the transfer window closed.
But the former Crewe striker has put pen to paper on a new deal which will keep him at the club until 2009 with an option for a further year. The deal Ashton signed on his arrival from Gresty Road in January had been due to expire in 2008.
The length of the contract is not as symbolic as Ashton's stated desire to remain at Carrow Road and help the club achieve its dreams as he achieves his own.
"I feel my ambition is matched by Norwich City Football Club," he told www.canaries.co.uk. "By signing an extension to my contract I feel our shared ambition is clearly demonstrated."
The deal leaves manager Nigel Worthington free to concentrate on bringing in new recruits before the end of the transfer window, having narrowly missed out on Birmingham's Clinton Morrison, who joined Crystal Palace this morning. The boss can now also try to get his head around the mounting injury list which is threatening the team's chances of building on their first win of the season, albeit a narrow effort after extra time against Milton Keynes Dons.