The director's previous deal was to expire on Thursday. His new agreement runs to 2024.
"Everything is sorted. We renewed at the last minute, but we did it," Maldini told reporters.
“We are happy to be here and ready to plan a future with even more victories. There's time, we started a bit late, but we'll recover lost time. I am very happy."
Fellow director Ricky Massara has also signed a similar deal.