The Argentina international, 34, has overcome a shaky start to his career in England and has been a regular for most of this season making 30 appearances in all competitions scoring once against Arsenal in the Premier League in September.
"I want to say that I am really proud and happy to have extended my contract for another year," he told the club's website (www.mcfc.co.uk).
"Manchester City is a club with a lot of ambition. We want to grow every year," he said.
Demichelis joined Manchester City in September 2013 from Atletico Madrid for a reported 4.2 million pounds and helped City win the Premier League title and the League Cup last season.
They are currently second in the Premier League, five points behind Chelsea with 10 matches to play.
(Reporting by Mike Collett; editing by Toby Davis)
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