The Madrid youth product returned to the Santiago Bernabeu in 2011 after three seasons with Espanyol, and impressed throughout the previous campaign with some fine performances.
"I just want to play. I hope to do better than last year and score more goals. I hope to achieve that aim," Callejon was quoted as saying on the official Madrid website.
"The coach shows he cares about the players. Clearly we all want to row in the same direction and win more titles.
"We have a great squad. These players won a well-deserved Liga title last season, and almost reached the Champions League final. We have the best players."
Madrid will start their title defence against Valencia on the weekend of August 18.
||WHO WILL TOP THIS YEAR'S LIST?