The former Arsenal winger, whose previous deal was due to expire this month, helped Sevilla defend the Europa League title last month to become the first player to win the competition four times in his career.
A statement from Sevilla read: “Jose Antonio Reyes has renewed his contract with Sevilla for another two seasons.
“The player, a youth product of Sevilla, will remain at the club at least until he is 33 years old.”
Reyes made his first-team debut with Sevilla 15 years ago at the age of 16.
He was sold four years later to Arsenal in a ??10.5million transfer deal.
A former Spain international, Reyes won the Premier League and the FA Cup with Arsenal in his two years with the Gunners before lifting the La Liga trophy while on a season-long loan at Real Madrid in the 2006-07 campaign.
Reyes returned to Sevilla in January 2012 after spending three seasons at Atletico Madrid, where he won his first two Europa League crowns.
The 31-year-old made 28 starts in all competitions for Sevilla this season.
Sevilla, coached by Unai Emery, finished fifth in La Liga but will play in the Champions League next season having beaten Dnipro 3-2 in the Europa League final last month.