Having served a year on the sidelines after suffering a serious knee injury in the side’s Champions League semi-final against Roma last year, the 25-year-old returned in April.
Chamberlain has prolonged his previous contract which was expected to run out in 2022.
“I’m really, really excited - it’s been in the pipeline for a little while, so it’s nice to finally get it done and just extend my time here, which I am really looking forward to.
“I feel like I missed out on a year, which I obviously did, so it’s really exciting for me to be able to sign. It’s something that I feel is an opportunity to give that year back and make up for lost time – and hopefully put in some good performances to make amends for not being around last year.
“You’ve got to count your blessings every time you get an opportunity like this, you don’t get the chance to play for Liverpool Football Club every day. I am really excited to be able to extend my time here.
“I can promise the supporters that I'll give them absolutely everything moving forward,” he added. “There might be times where I have bad games and good games and moments where it's not so good, but I'll always work through those moments and give my everything to correct them and keep pushing this team forward.
“I hope that I can do some special things like I did before I got injured and, most of all, be a part of this group of players that go on to hopefully win more things.
“I'm really excited to see what the future holds for us all and I look forward to seeing them every game moving forward.”
Chamberlain, who joined Liverpool from Arsenal in 2017, signing a five-year contract was part of Jurgen Klopp’s squad that clinched European Cup glory in Madrid in June.
