Terms of the contract are unknown at the moment, but it means that Bryant will not become a free agent following this season.
Bryant, 35, is still rehabbing from a torn Achilles tendon on his left leg that has sidelined him since April.
He is a five-time champion with the Lakers and is a former MVP, two-time NBA Finals MVP, 15-time NBA All-Star and a two-time gold medalist.
Bryant has averaged 25.5 points, 5.3 rebounds and 4.8 assists per game throughout his 17-year career, all with the Lakers.
He was selected with the 13th pick in the 1996 NBA Draft by the Charlotte Hornets, then dealt to the Lakers for Vlade Divac.
Update – 8:59 a.m.: Bryant will remain the highest-paid player in the NBA, earning $23.5 million for the first year of his extension, and $25 million for the second.
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