The Peruvian has prolonged his stay at the Allianz Arena by a further season after holding positive talks with Pep Guardiola
The Peruvian's previous deal expired last month, but he will now stay with the Bavarians for one additional season after putting pen to paper on Thursday.
"I'm 34 now. Signing another contract with Bayern is the best thing that could happen to me," the striker commented on his renewal.
"I am convinced that we will have another great year. I have already spoken to Pep Guardiola.
"I don't know what will happen next year, but I'm feeling very well and want to keep on playing as long as possible."
Pizarro returned to Bayern from Werder Bremen in the summer of 2012 following an initial six-year spell with the German champions. He has scored 112 goals in 281 official appearances for the treble winners.