The 34-year-old has added a further two years to his current deal, meaning he will remain a Bianconeri player until 2015, with Buffon hoping to maintain his current level of performance over that period of time.
“I hope to play for as long as I'm able to do so and I'm ready to give my all,” he said.
“We had originally talked about a one-year renewal but Juve made the counter-offer of a two-year deal. When I arrived at Juve my only concern was whether or not I could cut it at this level.”
Juve president Andrea Agnelli added his belief that Buffon has now become one of the best players to have ever represented the club.
“He's already among the best and greatest names in the history of Juventus,” Agnelli praised.
“I like remembering the five titles he won on the pitch, and the World Cup, but what sets him apart is his honesty and his leadership.”
Agnelli also claimed it is possible the former Parma goalkeeper could win the Ballon d’Or before the end of his new contract, while stressing he never feared he would leave the club.
“He hasn't won a Ballon d'Or yet, only [Russia goalkeeper Lev Yashin] has done that, but I hope he will do so in the next two years. And no, I never worried about losing Gigi.”
Buffon has made over 500 appearances for the Bianconeri since joining from Parma for a world-record breaking fee for a goalkeeper of 39 million euros in 2001.