Ivory Coast international Zaha had been linked with a big-money away from Selhurst Park for much of the summer transfer window, after winning the club’s Player of the Year award for a third successive season.
However, he stayed and helped Palace to an opening day 2-0 victory at Fulham, scoring his side’s second goal at Craven Cottage.
Palace chairman Steve Parish told the club’s official website: “Wilf grew up a stone’s throw from Selhurst Park from the age of four, and has been with the club since he was 12. This agreement is yet another example of his lifelong commitment to the club, and our commitment to him.
This is an amazing day for everyone here at Palace, our supporters and of course Wilf — and is richly deserved.”
Zaha added: “I’m very pleased. Obviously, I just wanted to get it over and done with, so I can just focus on the season. I’m buzzing that we managed to get it sorted.”