The deal – approved by incoming manager David Moyes – ends any doubts over the 34-year-old’s future at the club.
He announced his retirement from international football last week, a move which he hopes will allow him to prolong his career at Old Trafford.
Ferdinand said: “I am delighted. It has been an incredible journey and I am glad it will continue.”
Earlier this month, retiring Manchester United manager Sir Alex Ferguson said Ferdinand had enjoyed his best season for the club and would be offered a new deal.
The defender made 34 appearances for United in 2012-13, including 28 in the Premier League, more than any of the club’s other central defenders.
Ferdinand said: “Who wouldn’t want to play in this fantastic team in front of 76,000 fans each week?
“I can now fully concentrate on my club career, which has worked well for me over the past few years.
“This is a great team to be part of and we are now moving into a new era with the club which is very exciting.
“I have met with David (Moyes). I am really looking forward to working with him and winning many more trophies with this great club.”
Ferdinand’s contribution to United’s Premier League title success saw him voted into the Professional Footballers’ Association’s team of the year by his peers.
The former West Ham United and Leeds United defender, who was capped 81 times by England, joined United in July 2002 for nearly ┬ú30m, making him the world’s most expensive defender.
He has made 432 appearances for United, with a Champions League triumph and two League Cup wins to add to his six Premier League titles.
New United manager Moyes said: “It is clear for everyone to see that Rio has had one of his best seasons with the club.
“I think even from the outside you can see what a big character Rio is around the dressing room so I am delighted he has signed a new contract and I am looking forward to working with him.”