The 33-year-old has taken on a prominent role in Bayern Munich's attack ever since Robert Lewandowski left for Barcelona last summer.
Choupo-Moting is the Bavarians' joint top scorer this season with 15 goals from 24 appearances across all competitions.
His previous contract was due to expire at the end of this season but he is set to stay for at least one more year.
The Cameroon international joined Bayern Munich in the summer of 2020 as a free agent after leaving Paris Saint Germain and has won two Bundesliga titles.
The former Schalke 04 and Stoke City striker has made 82 appearances in total for the German champions, scoring 33 goals.
“I’m super happy to be staying longer and continuing to have lots of fun with the club. I feel very much at home here. My family also feel at home in Munich. That’s a very important point for me,” said Choupo-Moting, who turns 34 this month.
“I’m obviously pleased I can help the team so much. I get on really well with the guys, we work hard on our goals. The competition is big, but when you want to be among the best, that’s part of it. It’s the only way you can win lots of titles. And we’ve still got big plans. The whole package is right at FC Bayern. There’s no reason to change anything.“
Bayern's sporting director Hasan Salihamidzic added: “We’re very pleased that Eric Maxim Choupo-Moting will be staying with us for another year.”
“Choupo is an artist on the ball and has performed really well in recent years. He helped us in the first half of this season to fill the gap we had at centre-forward. He’s done really well and backed up his performances in games this year. We’re glad to have him and be able to work with him until summer 2024.”
