UFC President Dana White announced Velasquez's contract extension with the organization following the UFC 157: "Rousey vs. Carmouche" pre-fight press conference on Thursday (Feb. 21, 2013), telling Ariel Helwani of MMA Fighting that the two-time heavyweight champion "deserved it."
While the length of the contract was released, the financial terms remain unknown.
Velasquez (11-1) became the third-ever two-time heavyweight champion when he reclaimed the belt from Junior dos Santos in emphatic fashion at UFC 155 in December.
The 30-year-old is 9-1 under the UFC banner, with his only defeat coming to dos Santos, a loss he avenged just over one-year later. He also holds wins over Brock Lesnar, Antonio Rodrigo Nogueira and Cheick Kongo.
Velasquez's new contract seems to be the norm for UFC champions. Earlier this year, White announced the organization had offered middleweight kingpin Anderson Siva a new eight-fight deal, but "The Spider" declined, reportedly asking for a 10-fight contract instead.
The American Kickboxing Academy (AKA) product is next scheduled to defend his title against Antonio Silva at the UFC's annual Memorial Day weekend event -- UFC 160 -- which goes down May 25, 2013, in Las Vegas, Nevada..