The 51-year-old's new deal will see keep him in the role until December 2024.
“I am delighted that Steve and I have been able to extend our stay in our respective roles. It remains an incredible privilege to lead this team," he said, per the Guardian.
“I would like to take this opportunity to thank Mark, John and the board for their support, and of course the players and support team for their hard work. We have a great opportunity in front of us and I know they and the fans are all excited about what this squad could achieve in future.”
The Three Lions have given Southgate a big pay-rise thanks to his success in the past few years.
The Guardian report the deal is understood to have doubled his salary to around £6m-per-year.
But how does his salary compare to other international managers from around the world?
We've listed the world's highest-paid international managers using a variety of sources.
All figures are provided by SportingFree unless stated. Louis van Gaal's salary at the Netherlands is unknown and thus has not been included.
Gerardo Martino | Mexico | £1.65 million-per-year (per sportscriber)
Lionel Scaloni | Argentina | £2 million-per-year (per Sportekz)
Roberto Martínez | Belgium | £2 million-per-year
Luis Enrique | Spain | £2.5 million-per-year
Fernando Santos | Portugal | £2.75 million-per-year
Tite | Brazil | £3.1 million-per-year (per Sportekz)
Roberto Mancini | Italy | £3.5 million-per-year
Didier Deschamps | France | £4 million-per-year
Hansi Flick | Germany | £5.5 million-per-year (per Bild)
Gareth Southgate | England | £6 million-per-year
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Southgate is reportedly now the highest-paid manager in the world.
He's been rewarded for taking England to the World Cup semi-finals in 2018 and to the Euro 2020 final. Whether he can go one better in Qatar next year remains to be seen.
He has overtaken Flick at the top of the standings, who Germany managed to prise away from Bayern Munich this summer.