Escriba arrived at Elche in 2012, and guided them to the Segunda Division title in his first season in charge.
Last term, after battling the drop for much of the campaign, Elche finished 16th, just one point clear of the relegation zone.
With his previous deal set to expire at the end of the 2014-15 season, Elche confirmed on Friday that they had secured the services of Escriba for a further two years.
"Elche and Fran Escriba have agreed to extend their relationship two more seasons," a statement on the club's official website read.
"The coach will stay with the club up to June 2017. Now the continuity of Elche reinforces a long-term project."
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