Toto Wolff and Niki Lauda will remain in their respective key positions with the Mercedes F1 team until the end of 2020.
Lauda has been with the team since late 2012 and for the majority of that time has been a non-executive chairman of Mercedes-Benz Grand Prix Ltd while he holds a 10 percent stake in the team.
The triple F1 World Champion has described his tenure with the silver arrows as his most enjoyable years in the sport.
Lauda said: “The last few years have been some of the most enjoyable I have had in Formula One.
“Toto and I formed a perfect partnership at Mercedes and we have a great team on every level that has delivered results.
“I must thank Dieter (Zetsche, Chairman and CEO of Daimler AG) and the other members of the board of Daimler AG for renewing their confidence in us.”
Wolff joined Mercedes from Williams in February 2013 and is a 30 percent shareholder in Mercedes-Benz Grand Prix Ltd and an executive director.
Confirmation of the contract extensions come after off-season changes which saw the departure of Paddy Lowe who is expected to take up a role with Williams in the near future.
Lowe’s position has since been filled by James Allison who has been appointed technical director.