Mbappe, 23, committed his long-term future to PSG by signing a new deal with the French champions until 2025.
The striker had been linked with a summer move to Madrid after reportedly verbally agreeing to join the Spanish champions earlier this season.
But in a dramatic U-turn, Mbappe has now put pen to paper on a new deal at the Parc des Princes, ending the speculation about his future.
He is expected to earn £4m per month and will also receive a £100m signing-on bonus for staying with the French champions.
Tebas has strongly criticised the deal and has questioned how PSG can afford to offer the World Cup winner such a lucrative financial package.
"What PSG is going to do by renewing Mbappe with large amounts of money (to know where and how he pays them) after € in recent seasons and having more than 600M € in salary, is an INSULT to football," tweeted Tebas.
"[PSG president, Nasser] Al-Khelaifi is as dangerous as the Super League," added Tebas, referencing the failed project which the La Liga president fiercely opposed.
PSG opted out of joining the 12-team breakaway league last summer, which allowed Al-Khelaifi to gain the powerful role of chairman of the European Club Association (ECA).
Real Madrid president Florentino Perez, on the other hand, was a major driving force behind the failed European Super League, which collapsed after 48 hours in April of last year following a huge backlash from supporters and UEFA.
Lo que va a hacer el PSG renovando a Mbappé con grandes cantidades de dinero (a saber dónde y cómo las paga) despues de dar pérdidas por 700M€ en las últimas temporadas y tener mas 600M€ de masa salarial, es un INSULTO al fútbol. Al-Khelafi es tan peligroso como la Superliga. pic.twitter.com/sZ1Y1TaSbK— Javier Tebas Medrano (@Tebasjavier) May 21, 2022
La Liga has since confirmed that it is filing a complaint to UEFA, the French administrative courts and the European Union over Mbappe's contract renewal.
In a statement released on Saturday, La Liga said it was "scandalous" that PSG could afford to make the deal.
The statement read: "On Kylian Mbappe's possible announcement to stay at PSG, La Liga wishes to state that this type of agreement attacks the economic stability of European football, putting at risk hundreds of thousands of jobs and the integrity of the sport, not only in European competitions, but also in domestic leagues.
"It is scandalous that a club like PSG, which last season reported losses of more than 220 million euros after accumulating losses of more than 700 million euros in prior seasons (while reporting sponsorship income at doubtful valuation), with a squad cost around 650 million for this season, can close such an agreement, while those clubs that could afford the hiring of the player without seeing their wage bill compromised, are left without able to sign him."
The statement added: "La Liga will file a complaint against PSG before UEFA, the French administrative court and fiscal authorities and European Union authorities to continue to defend the economic ecosystem of European football and its sustainability."
Speaking earlier this week, Tebas said he expected Mbappe to move to the Bernabeu.
"I think Mbappe will be at Real Madrid, but one day he's white, another black, he changes... but I think so," Tebas told SPORT.
"I have read so many twists so many times... It would not be unexpected, because there are always twists.
"The feeling I have is that if he had wanted to renew he would have already done so, but I could be wrong.”
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