The new deal will keep the Frenchman at St Mary’s until the summer of 2014.
“I’m very pleased to have signed a new deal, and I think that by signing up all the players the club has shown that they have a trust in us, and they want us to go and do the best that we can,” said Schneiderlin.
“One of the main reasons why I signed the contract extension was because the chairman wants to get back to the highest level, and that’s personally my target as well.
“I think every player wants to play in the Premier League and this club has got everything to do that, so I want to be a part of that.
“We are in a great position because we have started the season very well, we just have to perform every week as we have done so far.
“We need to take every game as if it’s the FA Cup Final, then we’ll see where we are, which will hopefully be on top so that we can play in the Premier League.”