Ingles' new deal will keep him with the franchise through the 2021-22 season.
"For the Jazz to have the faith in me to give an extension to an old man like me, it's great," Ingles said in a statement. "For me, there's nowhere else I'd want to be or play, so it was an easy decision."
The 32-year-old had a decorated playing career overseas before finding his way to the NBA ahead of the 2014-15 campaign.
He was on the Los Angeles Clippers' training camp roster that year but was waived before the start of the regular season. Ingles was quickly claimed by the Jazz and has spent the last five seasons in Salt Lake City.
The Australian has been a key starter for the Jazz during the past two seasons, providing excellent playmaking and 3-point shooting. Ingles is a career 40.8% shooter from distance and his 26.2 assist percentage in 2018-19 ranked in the 97th percentile among wing players, according to Cleaning the Glass.
He may come off the bench this year, though, despite posting career highs in points (12.1) and assists (5.7) last season.
Ingles has two years and $22.8 million remaining on his current deal with the Jazz.