The goalkeeper was a leading light last season, earning a club-record fourth player-of-the-year award as Palace enjoyed a superb Premier League campaign when finishing 11th.
Speroni is delighted to have been handed new terms, insisting he had always hoped to remain at Selhurst Park.
He told the club's official website: "I'm delighted. This is my home. This is where I always wanted to be, so I'm really pleased.
"I've been saying for months and months this was always my first choice. I'm really pleased and looking forward to next season now.
"The expectation will grow as long as we stay in the Premier League, but we are going to do our best, of course, try to stay in the league again and finish as high as we can."
Bizarre Jose Mourinho statement aims to pre-empt punishment after Fenerbahce boss clashes with Galatasaray counterpart
'Andy Robertson has a decision to make as a player, where you either roll your sleeves up and give someone great competition or you accept decisions and say that your time is done.' Alan Shearer on the conundrum facing Arne Slot's Liverpool
