Evra, 35, joined the Turin side in 2014 following eight-and-half seasons with Manchester United in the Premier League. He joined the club on a modest £1.5 million fee.
"His countless experience on football's biggest of stages has been invaluable element in the Bianconeri's overall development into the major forces in the European game," the statement read.
Evra won five Preimer League titles, three League Cups and the Champions League with the Red Devils. He has since added four trophies to his resume, winning the Italian domestic double in each of his last two seasons.
In his two seasons with the Old Lady, he has scored three goals with five assists in 47 Serie A apparences while being a mainstay on the back line for a defensive unit that conceded a league-low 20 goals.