The new deal will keep the 24-year-old at Bilbao until the summer of 2017.
Susaeta’s previous deal with Bilbao was due to expire in the summer of 2013.
Susaeta’s new deal includes a buyout clause of around €35million.
The winger has long been linked with a move to Manchester United.
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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.