The signing will keep Bryant a Laker through the 2013-14 season. The deal also means that the Lakers will be able to keep the trio of Bryant, Pau Gasol and Ron Artest together for at least another three seasons.
The 31-year-old Bryant has played his entire 14-year career with the Los Angeles Lakers, has won four NBA titles and was voted MVP in 2008. This season he is averaging 27.2 points, 5.3 rebounds and 5.1 assists.
Financial terms of Bryant's deal weren't announced.