Gianluigi Buffon, the long-time goalkeeper of Juventus, signed a contract valid until 2015.
During a special press conference held on Wednesday, the Italian, together with club president Andrea Agnelli, announced the new agreement.
The player's agent, Silvano Martina, had previously stated that his client agreed to a pay cut.
G. Buffon, who had been earning 6 million euros per year until now, agreed to receive a salary 1.5 million euros lower.
"Juventus has become a way of life for me. I did not receive offers from other clubs, because I would have immediately rejected them," said the goalkeeper during the press conference.
"When I arrived in Turin, I did not know if I would be able to play at such a high level. Now I wanted to extend my contract for years, as I am not sure if I will be able to maintain the same form next season, but I was convinced to sign a two-year contract," noted G. Buffon.
In 2001, the Turin club did not hesitate to pay 55 million euros for the Italian who had played for "Parma" that year, replacing Edwin van der Sar in the team.
G. Buffon has played 342 official matches for Juventus and another 123 for the Italian national team.