The 26-year-old was selected third overall in the first round of the 2010 NFL Draft and has become an integral part of the Tampa Bay defense in his four years with the team.
McCoy has reportedly signed a deal worth $98m [£61m] over the seven years of the contract, with $55m [£34.1m] guaranteed to stay with Lovie Smith's side until the end of the 2021 season.
"From the moment Lovie and I arrived here, we knew it was vital for us to keep Gerald in Tampa Bay long term as one of the cornerstones of our franchise," general manager Jason Licht told the club's official website.
"With the backing of the Glazer family, we were able to accomplish that. On the field, Gerald is one of the best players in the National Football League, who has been extremely productive and will be for years to come.
"We are happy to reward someone that has a rare work ethic, which not only makes him an elite player, but serves as an example for our entire team. His commitment, character and leadership are attributes that make him a truly special person, who will play a pivotal role in our future success."
McCoy has recorded 136 tackles and 20.5 sacks in his five seasons in the NFL.