The German midfielder's new deal will run through to 2024, extending his stay in the French capital for three additional seasons.
Prior to the contract extension, Draxler has also previously been linked with Arsenal and Leeds.
If you recall the Germany international arrived in January 2017, making the move to Paris after shining for Wolfsburg in the Bundesliga in 2015-16.
He won two trophies during his time at Schalke, but that pales in comparison to his trophy haul at PSG, where he has been a part of the club's dominance atop Ligue 1.
In total, Draxler has won Ligue 1 three times, the Coupe de France and Coupe de la Ligue three times apiece and the Trophee des Champions twice.
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