The 29-year-old joined Villa from Arsenal for £20m in the summer of 2020 and kept 15 clean sheets in the Premier League in his debut season at Villa Park.
His impressive form saw him rise to become Argentina’s first choice goalkeeper at last summer’s Copa America, where La Albiceleste emerged victorious.
"I won a major tournament with Argentina not long ago and every time I come through the tunnel at Villa Park on a matchday, I can see the crowd, the lights, the fans excited for us to play," he told VillaTV on Friday.
"Just before coming out [on to the pitch], I see the Champions League trophy and the FA Cup trophy and that's where I want to get.
"I want to be in a Champions League final with Villa, I want to be at Wembley playing in an FA Cup final or EFL final.
"That's why I'm committing five and a half years to this club because that's where I want to get."
"When I signed for Aston Villa, obviously I had massive ambitions about being in Europe and being the best version of myself, and the club have opened a really good door for me," he added.
"They made me a better goalkeeper, with the goalkeeping coach Neil Cutler, Christian [Purslow], Johan [Lange], they're good people, very loyal and ambitious as well, like the owners."
"So winning a major tournament for Argentina, thank you to Aston Villa for developing me as a good goalkeeper; and I think actually I can improve much more here and I want to commit my future here.
"It feels like home."
Martinez has made 19 appearances for Villa in the Premier League this season.
