General Raheel, 59, will complete his three-year term in November and it was being speculated that like his predecessor Ashfaq Parvez Kayani, he may seek another term, especially as the counter-terrorism operation 'Zarb-e-Azb', started under Raheel's command in June 2014, is in a crucial phase.
Army spokesman Lt. Gen. Asim Saleem Bajwa tweeted quoting the army chief that speculation about extension in service are "baseless".
"I don't believe in extension and will retire on the due date," General Raheel said, adding that "efforts to rout out terrorism will continue with full vigour and resolve."
Earlier General Pervez Musharraf had also given extensions to himself from 2001 to 2008, when he was also serving as the country's President. Together with General Kayani, who got a three-year extension, the two shared the office of Chief of Army Staff between them for almost 16 years.
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The operation 'Zarb-e-Azb' against militants has so far killed around 3,500 terrorists and has destroyed nearly 1,000 hideouts, according to the Pakistan Army.
Many commentators were supporting an extension for General Raheel citing the crucial stage the operation is going through.