The 41-year-old started the season as No.1 at White Hart Lane and has been displaced by Andre Villas-Boas' summer signing, but has chosen to extend his stay despite the presence of Carlo Cudicini and Heurelho Gomes in the ranks as well.
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Friedel would have been a free agent at the end of the 2012-13 campaign and free to talk to other clubs in January, but the club's desire to prolong his contract suggests Villas-Boas still sees a role for the keeper despite his age.
The deal means Spurs have four senior goalkeepers on the books, although Villas-Boas revealed earlier in December the club "will listen to proposals" for both Cudicini and Gomes, with Friedel and Lloris likely to compete for the starting role.
The American keeper joined Spurs from Aston Villa in 2010 and has made 49 appearances for the club.
The shot-stopper also has the distinguished record of being the only player in the Premier League to have made over 300 consecutive starts, reaching 310 before being dropped for Lloris against Villa in October.