The former Real Madrid playmaker, who lifted the World Cup with the Nationalelf in 1974, believes Germany's current standing at the top of global football owes much to Low's work in recent years and insists he should be rewarded for his efforts should his side seal qualification for Brazil 2014.
"Over the years, Low has been proven to be an outstanding trainer and developer. The fact that Germany plays such an important role in world football should be merited to Low," Netzer wrote in Bild.
"Therefore, it is only logical that we now extend the contract with him.
"Also, in [World Cup] 2010, our team came to global recognition as we scored the most goals without winning the title. That appearance all but confirmed Low's capabilities as a coach. Similarly, in 2014, Germany are one of the favourites and are always in a position to become world champions."
However, the 69-year-old believes the current Germany defence has room for improvement and has backed calls to see Mats Hummels dropped in favour of Jerome Boateng.
"As coaches, we have learned that it is essential in international football to halt the attack of the enemy early and to try to retain the ball," he continued.
"It is also important that the defenders show their individual class and do not only point out the errors happening in attack.
"Mats Hummels is currently going through a weaker phase. But the criticism after his last performance was justified. Therefore, it is logical that Low gives Hummels' competitor Jerome Boateng a chance. He has shown improvement this season at Bayern, and has put in good performances."