The midfielder, who is approaching his 1000th game in professional football, is set to carry on playing into his 40s and says he still feels able to contribute at the highest level
The 39-year-old penned his first professional deal with the Red Devils in 1990 and has since made a club-record 931 appearances whilst winning 12 Premier League titles, four FA Cups and two Champions League titles.
But the winger is not done yet, and insists he is excited by the prospect of adding to his already impressive honours list this season.
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"This is an exciting team to be part of, with great team spirit, and we are again pushing for trophies as we head towards the business end of the season.
"I am delighted to have signed a new contract. I would like to thank Sir Alex and the coaching staff and I would also like to thank David Gill who has been a tremendous support over my many years here."
United boss Sir Alex Ferguson also expressed delight at the news, and suggested Giggs' ability and hunger are "as strong as ever".
“What can I say about Ryan that hasn’t already been said? He is a marvellous player and an exceptional human being," the Scot said. "Ryan is an example to us all, the way in which he has, and continues to, look after himself.
"He has fantastic energy for the game and it is wonderful to see. Ryan seems to reach a new milestone every week and to think that he now has 23 unbroken years of league goals behind him is truly amazing in the modern-day game.
"His form this year shows his ability and his enjoyment of the game are as strong as ever and I am absolutely delighted that he has signed a new contract.”