The new deal for the head coach, confirmed at a news conference in Paris, rewards the former midfielder for his ongoing success with the national team.
Deschamps was contracted until the end of Euro 2020 but has committed for a further two and a half years to take in another World Cup trophy quest.
The Qatar finals take place from November 21 until December 18, and if Deschamps sees out his contract he will complete a full decade in his post.
Appointed in July 2012, initially on a two-year deal, he oversaw France's Euro 2016 campaign on home soil, where they lost to Portugal in the final.
Les Bleus went one better at Russia 2018, a 4-2 victory over Croatia in the final seeing Deschamps match the feat of Franz Beckenbauer with West Germany and Mario Zagallo with Brazil in becoming a World Cup winner both as a player and as a manager.
He was captain of France's triumphant 1998 team and played most notably at club level for Marseille and Juventus, winning the Champions League with both.