The striker, who has been in prolific form this season, has helped Claudio Ranieri’s side to top spot in the Premier League against all expectations and broke Ruud van Nistelrooy's record in the division by scoring in 11 consecutive games.
The news was announced after the 29-year-old had helped his club to a 3-1 victory over Manchester City to give them a five-point gap at the top of the table.
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"I’m absolutely delighted to be fighting to achieve something special with this club, as part of this squad,” Vardy told the Leicester City website.
”I've never known a spirit like it - from the owners, to the manager and his staff, the players and the fans. I want to be part of it for a long time.
"Leicester City have shown nothing but total faith in me since the day I arrived here three and a half years ago and it's impossible to measure how much that belief has helped me to improve. I’ll forever be grateful for the investment the club has made in me and I’ll spend every day working to repay it."
Ranieri added:"Jamie is a fighter. He has had an unbelievable journey to get to this point in his career and continues to play every game as if it's his last.
"I love his spirit, which is a quality I want in my players above all else. He has shown what a fantastic player he is and, more importantly, he is part of a fantastic group. I am very happy that he will stay with us for a long time."
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