The 22-year-old is a reported target for Manchester United following a number of impressive displays down the right for Leverkusen.
Frimpong has made 103 appearances, scored 13 goals and provided 23 assists since joining Leverkusen from Celtic in January 2021.
The former Manchester City youth player's new deal at the Bay Arena will take him through to the summer of 2028.
Speaking to Leverkusen's official website after signing his new deal, Frimpong said: "A lot has happened since [joining the club two years ago], we've experienced great things and continually improved as a team. It's great fun to be part of this team."
Sporting managing director Simon Rolfes added: "Jeremie Frimpong has not just developed into an extremely popular figure in our squad over the past few years.
"At the moment, he is one of the best players in the Bundesliga in his position as an attacking right-back. The contract extension underlines Jeremie's importance to our Werkself."
Although Frimpong was part of the Netherlands squad at the 2022 FIFA World in Qatar, he is yet to be capped at senior level for his country and is still eligible to represent Ghana, where his parents come from.
