Financial terms were not disclosed, but a league source told ESPN.com that the deal is worth up to $20.5 million, including $8.4 million in guaranteed money and a $5.5 million signing bonus.
The Saints announced the deal Monday morning on their Twitter page.
- New Orleans Saints (@Saints) March 17, 2014
"We are excited to announce that Zach will stay with us into the future," general manager Mickey Loomis said in a statement released by the team.
"Not only has he done an excellent job at the right tackle position, but he has served us well as an offensive team captain for the past two seasons and has always been a great asset in the community since he first came here in 2006."
Strief, 30, took over as the Saints' starting right tackle in 2011 and had his best season to date in 2013. ESPN.com's John Clayton named Strief a first-team All-Pro at right tackle, and Pro Football Focus had him graded as the top right tackle in the league last year.
The 6-foot-7 Strief played at a high level in both 2011 and 2013, when he allowed only three sacks in 15 starts. However, he struggles in 2012 -- in part due to a nagging groin injury. A seventh-round draft pick out of Northwestern in 2006, Strief was elected as a captain each of the past two years.