Pizzi has signed a new contract with Benfica that will keep him at the club until 2023.
The 29 year-old joined from Atletico Madrid in 2013 but was immediately sent out on loan to LaLiga side Espanyol.
He became an immediate fixture in Benfica's midfield from the start of the 2014-2015 campaign, however, and has helped the side to the Primeira Liga title in four of the past five seasons.
Pizzi, who is in Portugal's squad for the Nations League Finals next week, told the club's official website: "All my seasons here have been special. I feel a special connection with the fans and all the people at the club.
"I am very proud to be part of this club and to continue as part of the family."
He scored 13 goals last season as Benfica beat Sporting CP to the title by two points.