Exact terms of the contract were not disclosed, but the deal is for more than two years, according to the Times. Lauer's current deal, which he signed in April 2012, was set to expire in a few months.
"We couldn't be more thrilled with Matt's decision," Deborah Turness, the president of NBC News, said in a statement. "As I've said many times before, he's the best in the business, and there is nobody I would rather have in the Today anchor chair than Matt."
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Added Lauer: "I consider this the best job in broadcasting. I love people I work with every day and I have such respect and gratitude for the people I work for. I couldn't be happier to be staying."
Speculation over Lauer's future at the show had been running rampant since Today botched Ann Curry's exit and Good Morning America snapped its 16-year winning streak in 2012. Lauer was reportedly close to moving to ABC at one point.
Lauer joined the program as co-anchor in 1997 after Bryant Gumbel stepped down. He's now the longest-running anchor in the show's history.
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