Lakers General Manager Mitch Kupchak announced the deal Monday.
The deal means Bryant will likely finish his career as a Laker.
"This is a very happy day for Lakers fans and for the Lakers organization," Kupchak said in a statement. "We've said all along that our priority and hope was to have Kobe finish his career as a Laker, and this should ensure that that happens."The 35-year-old has played his entire 20-year career with the Los Angeles Lakers, has won five NBA titles and was voted MVP in 2008.
Bryant hasn't played this season as he recovers from surgery on his torn Achilles tendon in April. The sports star took to his Facebook page to vent about his frustration following his injury but has remained determined to bounce back.
On Nov. 16, he returned to the practice court for the first time since the incident but an official return date remains unknown.
Bryant is the Lakers all-time leading scorer and currently ranks fourth on the NBA's all-time scoring list.
Financial terms of Bryant's deal weren't announced.