The 30-year-old Greer was heading into the last year of his contract.
"This shows how well Jabari has played, and the Saints have recognized and rewarded him for it," Bloom said.
Bloom said the total deal is worth over $23 million.
Greer has five interceptions in three seasons with New Orleans. In his eight-year NFL career, including five seasons with the Buffalo Bills, Greer has 332 total tackles and nine interceptions.