News of the World says contract talks with manager Martin O’Neill could start this week.
Petrov’s current deal is set to expire in the summer of 2010.
The Bulgarian midfielder said: “The manager has been speaking about holding talks.
“I am happy here. I am one of the boys. If the club feel I am doing well, they will sit and discuss things with me.
“We will see what happens. The manager knows that when I play for somebody, they will be the first club I talk to.”