The France U21 international midfielder had been approaching the final years of his previous deal, which was due to expire in 2027, leading to speculation over his future.
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Bayern Munich and Chelsea were both reportedly monitoring the versatile youngster, who can operate in midfield or as a centre-forward.
Mayulu enjoyed a breakthrough season, making 41 appearances for PSG, scoring six goals and providing five assists.
He also made a notable impact in the 2024–25 Champions League final, scoring PSG’s fifth goal off the bench against Inter Milan.
The 20-year-old is now tied to the Paris club until 2031 after signing a new four-year extension.