Chaves has had a breakthrough Vuelta a Espana, confirming his general classification talent in the race with two stage wins and time spent in three jerseys including the red as overall leader in the race.
He is currently in 6th place overall and appears on target for his original goal of a top-ten placing with five stages left to race.
I’ll stay for three more years with ORICA-GreenEDGE and actually I am really happy for that,” Chaves said. “I feel really good in this team. Like I’ve said before, it’s like one big family.
“The team gave me a big opportunity in a difficult moment in my life and I want to thank them for that and I want to work really hard.
“The team has confidence in me and this is important. The team is relaxed and is filled with passion. Three years is a time I can work to something bigger. I have done a lot this Vuelta, but I have said all my life I want to win the Tour de France one day.”
Orica-GreenEDGE sport director Neil Stephens said the long term contract renewal was a show of commitment in the abilities of Chaves.
“We are really pleased with how Esteban has developed,” Stephens said. “It’s really just confirmation of everything we thought Esteban would be.
“We gave him confidence after his injury and worked with him with patience and he has responded to that and transformed into a fantastic bike rider.
"I think that we were all a little surprise with the level he is at, but in the next few years we, and Esteban in particular, will expect this to be his level.
"That’s going to be hard at times, its an added responsibility for everyone, but Esteban is ready and the whole Orica-GreenEDGE outfit is up for it as well.”