The new deal comes after a stunning 3-0 win over Ukraine on Tuesday saw les Bleus overcome a 2-0 first-leg defeat to win 3-2 on aggregate and seal their berth in Brazil.
And Deschamps hailed his team’s fighting spirit under pressure, insisting that they are capable of “great things” with the World Cup now firmly on France’s horizon.
"This is the magic of football," he said to TF1. "Four days ago, we were in a bad position but the players were fantastic tonight.
"I didn't have doubts, and we played a huge match and this qualification is very important for French football.
“It's a bit of a tradition that when French teams have their backs against the wall they perform and we had a lot of heart and determination. Now [that] we've qualified, we're capable of some great things."
Mamadou Sakho opened the scoring at Stade de France on 22 minutes, before Karim Benzema doubled France's lead just before half-time. And Oleh Husyev's own goal, with 18 minutes remaining, completed a stunning comeback.