The Bolts starter signed a six-year, $92 million deal, with $38 million guaranteed, reported ESPN.
Rivers comes off his best pro season, when he set a team record for touchdown passes with a league-high 34. He also led the NFL with a quarterback rating of 105.5, another team record.
After joining the Chargers in 2004 in a draft-day trade with the New York Giants for Eli Manning, Rivers became the starting quarterback in 2006. He has led the team to the playoffs in each of the past three seasons and has a career record as a starter, including playoffs, of 36-18.
The 27-year-old Rivers is 22-5 at home and also holds the Chargers' record with a 92.9 career passer rating.