Salvio, who spent the 2010-11 campaign on loan at Benfica from Atletico Madrid before making his move permanent in July 2012, had one year left on his contract and has extended it for a further two years.
"SL Benfica announces it has renewed the contract of Eduardo Salvio for another two sporting seasons, with the Argentina international now tied to the club through the 2018-2019 campaign," the club said in a statement.
Portuguese media had strongly linked the 26-year-old with a return to Argentina this year while Salvio confirmed last month that Boca Juniors were keen to acquire his services.
Salvio has scored 28 goals in 131 appearances for Benfica but missed the first half of the season with a right knee injury.
Benfica won the Primeira Liga title for the third straight year and will play in the Champions League in the coming season.
(Reporting by Cindy Garcia; editing by Clare Fallon)
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