The French striker joins Dani Carvajal, Marcelo and Isco in signing new long-term deals at the club and AS reports that his release clause is a staggering €1 billion.
The France worldwide, who is 29, joined Madrid from Lyon for €35 million in 2009 and has won 14 trophies at the Bernabeu.
Earlier this week, Benzema spoke of his intention to stay at the Bernabeu.
"When you play at a big club and you are a big player, you will always receive criticism".
We're guessing an £890 million release clause would prove to be too rich for even Paris Saint-Germain's blood, should the Parisian club ever decide they fancy making a move for the 29-year-old.
However, it is his unselfish play that has seen him form a ideal partnership with Cristiano Ronaldo and see off the challenge of Gonzalo Higuain and Alvaro Morata among others to be Madrid's number nine.
Spanish daily newspaper AS claims that Karim Benzema is set to sign a contract extension at Santiago Bernabeu.
As well as helping Ronaldo to smash Madrid's all-time goalscoring records, Benzema has also been a prolific scorer himself.
The Giants see no need to move Ereck Flowers
But the Giants' offensive line may look different anyway if right tackle Bobby Hart is unable to return form his ankle injury. But again, the breakdowns are spread out. "Maybe a little more drastic".