The new deal will keep Insigne at Napoli until the summer of 2018.
Napoli president Aurelio De Laurentiis confirmed the new deal on his Twitter account.
He tweeted: “This morning I met Lorenzo Insigne and we extended the contract for five years. Since this season Lorenzo will earn 700,000 Euros plus bonus.
“I wish ‘Lorenzinho’ a great career in Napoli.”
Insigne turned down the chance to join Premier League side Sunderland earlier this summer.
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Being an amiable guy is good for you and Jurgen Klopp is living proof.
Summer 2016 is set to be a very exciting time for football fans, as this is when the long awaited Euro 2016 tournament kicks off.