The contract renewal means the Argentine is set to complete a decade in charge of the La Liga side.
“I will like to thank all the directors and all the fans of Atletico Madrid for their support in the continuity of this project,” Simeone said in the video.
“We look forward to the project continuing until 2022 with a lot of excitement, knowing that big challenges await us.”
The 48-year-old Simeone, who spent two separate spells at Atletico Madrid as a player, took over as coach in December 2011 with the club hovering above the relegation zone.
He has since then transformed them into one of the top sides in Europe.
Simeone has won seven trophies with Atletico Madrid, including two Europa League titles, one Copa del Rey and one La Liga title.
He has taken them to two UEFA Champions League finals, losing in 2014 and 2016 to Real Madrid. (Reuters/NNN)
(Edited by Olawale Alabi)
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