The 26-year-old impressed in scoring seven goals in 15 games for the Cobblers last term and has rejected a move to Brisbane Road to show loyalty to Town.
Ling told his club's official website: "Adebayo has decided to stay loyal to Northampton after doing very well there at the end of last season.
"He felt he owed a debt to Northampton after they took a chance on him and that's why he signed for them, it wasn't to do with finances.
"He's made his decision and now we move on to other targets."