France qualified for the 2018 World Cup in Russia under Deschamps with a 2-1 victory over Belarus earlier this month. His side finished the campaign with just one defeat in 10 qualifying games.
Deschamps, who captained France to their only World Cup title on home soil in 1998, took charge of the team in 2012.
The 49-year-old guided France to the 2014 World Cup quarter-finals before finishing runners-up to Portugal at Euro 2016.
(Writing by Hardik Vyas in Bengaluru; Editing by Toby Davis)