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."
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