The Blues made the announcement this morning and Cech told the club's website: "It is an honour to be at a club like Chelsea and I am very happy to have renewed my contract with them. Chelsea has grown in my heart, not just because of my team mates and all the people that work for the club but also because of their fantastic fans.
"Personally I have to say I cannot wait for the new season to start. I am confident that it will be a very successful season for all of us."
The news was welcomed by manager Luiz Felipe Scolari and Chelsea chief executive Peter Kenyon.
Scolari said: "I am delighted that Petr has signed a new contract. In my view he is the best goalkeeper in the world, so I am very pleased that he will remain with me at Chelsea."
Kenyon added: "I think everybody agrees with Felipe's assessment that Petr is the best goalkeeper in the world so naturally we are very happy he has committed his long term future to us.
"He has been a key player in the club's success in the last four years. He has also shown himself throughout this time to be a top professional and is a great ambassador for the club on and off the field."