Benning is the 11th GM in Canucks history and has held the position since May of 2014.
"I'm grateful to the Aquilini family and to Trevor Linden for the commitment they've made to me and for their confidence in our long-term vision for the Vancouver Canucks," Benning said in a team release.
"I'm excited about the direction of our team and the depth and talent we continue to build. I believe we are on the right track and I am pleased to continue the work we started four years ago when we set out to build a championship team."
Before joining the Canucks' front office, Benning served as assistant GM with the Boston Bruins for seven seasons, winning a Stanley Cup in 2011.