"Mark's leadership and commitment to excellence over the last five years have been critical to the team's growth and development.
"We're extremely pleased that Mark will continue to lead the Toronto Blue Jays and build on the team's progress as we work towards our goal of bringing a World Series championship back to Canada," Edward Rogers, chairman of Rogers Communications and the Blue Jays, said in a statement.
Shapiro joined the Blue Jays as president and CEO at the end of the 2015 season, succeeding Paul Beeston.
The two-time Sporting News Executive of the Year helped guide Toronto through a full rebuild, with the team making the playoffs last season for the first time since 2016.
"From a personal and professional standpoint, I am thrilled to continue being a Toronto Blue Jay," Shapiro wrote in a statement, according to Sportsnet's Ben Nicholson-Smith. "I am fortunate to work with exceptional people and am proud of the progress we have made together, to build a community, clubhouse that our incredible fans can cheer on.
"Living in Toronto and Canada has been life-changing for me and my family and I am excited to experience the feeling of winning a championship with this city and country. I would like to thank Edward Rogers, the Rogers family, and the Rogers executive leadership team for their support and commitment over the past five years and in the years to come."
Shapiro's original five-year contract expired at the end of the 2020 season, but the executive expressed a desire to return.
"I want to be here," he said in October. "I want to finish the job."