The 30-year-old's previous deal had been due to expire at the end of next season.
However, it has now been revealed that the midfielder has committed himself to the San Mames until the summer of 2018.
It is also believed that the fresh terms include a buyout clause, which is thought to be worth £30m.
Rico joined Bilbao from Granada in 2013.
Restore Data
| Team | P | W | D | L | F | A | GD | PTS | |
| 1 | Barcelona | 17 | 12 | 2 | 3 | 50 | 19 | 31 | 38 |
| 2 | Real Madrid | 17 | 11 | 4 | 2 | 37 | 16 | 21 | 37 |
| 3 | Atletico MadridAtletico | 16 | 10 | 5 | 1 | 30 | 11 | 19 | 35 |
| 4 | Athletic Bilbao | 17 | 9 | 5 | 3 | 26 | 15 | 11 | 32 |
| 5 | Mallorca | 18 | 8 | 3 | 7 | 18 | 21 | -3 | 27 |
| 6 | Villarreal | 15 | 7 | 5 | 3 | 27 | 25 | 2 | 26 |
| 7 | Osasuna | 17 | 6 | 7 | 4 | 22 | 25 | -3 | 25 |
| 8 | Real Sociedad | 16 | 7 | 3 | 6 | 16 | 11 | 5 | 24 |
| 9 | GironaGirona | 17 | 6 | 4 | 7 | 23 | 25 | -2 | 22 |
| 10 | Sevilla | 17 | 6 | 4 | 7 | 18 | 23 | -5 | 22 |
| 11 | Real BetisBetis | 16 | 5 | 6 | 5 | 18 | 20 | -2 | 21 |
| 12 | Celta Vigo | 17 | 6 | 3 | 8 | 25 | 28 | -3 | 21 |
| 13 | Rayo Vallecano | 16 | 5 | 5 | 6 | 18 | 19 | -1 | 20 |
| 14 | Las PalmasLas Palmas | 16 | 5 | 3 | 8 | 22 | 27 | -5 | 18 |
| 15 | Getafe | 16 | 3 | 7 | 6 | 11 | 13 | -2 | 16 |
| 16 | AlavesAlaves | 16 | 4 | 3 | 9 | 18 | 27 | -9 | 15 |
| 17 | Leganes | 16 | 3 | 6 | 7 | 14 | 23 | -9 | 15 |
| 18 | Espanyol | 16 | 4 | 2 | 10 | 15 | 28 | -13 | 14 |
| 19 | Real ValladolidValladolid | 17 | 3 | 3 | 11 | 12 | 34 | -22 | 12 |
| 20 | Valencia | 15 | 2 | 4 | 9 | 13 | 23 | -10 | 10 |
| > La Liga Full Table | |||||||||
