"It is a relief to be able to now completely focus on the remainder of the 2014 season in the knowledge that our relationship will continue for the next two seasons," Lorenzo said on the MotoGP website on Thursday.
"It has always been my wish to continue my career with Yamaha ... I strongly believe we can fight for a third title together," added the 27-year-old Majorcan, a two-time premier class world champion.
Lorenzo is currently fifth in the MotoGP standings on 97 points, trailing Spanish compatriot and defending champion Marc Marquez of Honda who has won all nine of the 18 scheduled races so far this year and has 225 points.
The next grand prix is at Indianapolis on Sunday.
(Reporting by Iain Rogers, editing by Pritha Sarkar)
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