Hargrove was extended a third-round tender by the Saints worth $1.226 million for the 2010 season, giving them the right of first refusal on any offer.
"It was the right thing to do," said Hargrove's agent, Phil Williams.
In mid-March, Hargrove visited the Detroit Lions, who were considering an offer for the versatile lineman.
The Saints had no interest in dealing Hargrove, who overcame personal problems to become a valuable performer in their Super Bowl run. Hargrove's role is slated to expand this season, likely starting at left end and playing tackle on passing downs. He quickly became beloved by players and coaches in New Orleans. He has a close relationship with several coaches on staff and has been in contact with team officials in recent days.