The France international's new contract extends him until June 2022, one year longer than his previous deal and will reportedly make him the club's highest paid player. His €100 million release clause will reportedly remain unchanged.
Rumours persisted throughout the 2016-17 season it would be Griezmann's last with Atletico, with talk that he would depart the club for Manchester United in order to link up with France team-mate Paul Pogba.
Griezmann's statements over the past few months only added fuel to that fire, including at one point suggesting he had a 60 per cent chance of departing the club this summer.
Things appeared to slow down after Atletico lost their bid to have their transfer ban overturned and after signing his new deal, the attacker apologized for anything that may have indicated his departure, while stressing he is pleased to commit his future to the club.
"The first thing I want to do is apologize to people who have misunderstood my statements," Griezmann told the Atletico official website.
"I might have expressed myself wrong or some would like to make headlines where there were none, but since I have arrived I given everything for my club and my colleagues and my coaching staff and I am very happy to have more seasons with all of you.
"I will thank everyone by giving everything in the field, as always."
The 26-year-old Griezmann arrived at Atletico before the 2014-15 season from Real Sociedad and has been a hit since his arrival, scoring 83 goals across all competitions for the club. "It is great news because he is one of the best players in the world and we should congratulate ourselves for having him," Atletico sporting director Jose Luis Perez Caminero said. "Antoine is a different player, able to change a match, with a spectacular qualities, a very complete player."
WHAT'S NEXT FOR MAN UNITED?
With Griezmann out of the picture the question of who becomes the top target for the Jose Mourinho's squad remains.
The Madrid attacker returned from Juventus this past season and while he posted a solid return of 20 goals in all competitions, he is rumored to be on his way out due to inconsistent playing time.
The Red Devils, who released Zlatan Ibrahimovic last week, are also in the mix for Torino striker Andrea Belotti should a deal for Morata fail to materialise.