The pair joined the Upton Park club from Cardiff two years ago on four-year deals. They have now each signed two-year extensions.
Gabbidon, 28, missed much of last season due to groin injuries and has only been on the bench for the Hammers this campaign.
Collins, who was outstanding in West Ham's relegation battle last term, is currently struggling with a groin injury that has stopped the 24-year-old fighting for his position at Upton Park.
Gabbidon said: "I am disappointed not to be in the side, but at least the new contracts show that the club wants both me and James around. We will both now work hard and fight to prove we are worthy of a place in the side."