The Frenchman had been heavily linked with a move away from White Hart Lane before tying down his future to Spurs.
"When I first signed for Tottenham, I said a club like this deserves to have a youngish goalkeeper who can expect to be at the club for 10 to 14 years, maybe even longer," Friedel told The Sun.
"I believe we now have that goalkeeper in Hugo. He could be the No.1 here for many, many years to come.
"I can't speak highly enough of Hugo. He is a very good professional and a very good guy. He was one of the better goalkeepers at the World Cup and it is a very good move by Tottenham to extend his contract."
Lloris has made 78 appearances for Spurs since joining from Lyon in 2012.