The deal with ITV also includes two more five-episode runs of his chat show Life Stories, where he holds interviews with famous faces.
The father-of-four tweeted: "*BREAKING NEWS* After weeks of frenzied global, possibly galactic speculation, I'm delighted to announce I've just signed a new 2-year deal with ITV to co-present @GMB & two more 5-part series of Life Stories.
"What could be a better Christmas present for the nation?"
Morgan, 54, has fronted the breakfast show since 2015, presenting alongside Susanna Reid on Monday through to Wednesday.
Earlier in the year, there were calls for Morgan to be sacked from the programme due to his comments on gender.
An online petition directed toward ITV's Chief Executive Dame Carolyn McCall calling for Morgan's removal was created in October.
The host stepping in to defend himself against the claims of transphobia which had been levied against him, branding them “ridiculous”.
Speaking on Good Morning Britain, Morgan said: "Apparently I'm transphobic so despite spending the last four years explaining how I support anyone who transitions, and always have done, and completely support all what transgender people go through.”
He went on: “If you decide people can identify as anything they like and there are now a hundred genders according to the BBC, which they're now teaching kids, if you could be anything you like, including a two-spirit person and blah blah blah, then why can't I be a two-spirit penguin?"