The club confirmed the news on Wednesday who confirmed that the Bosnia and Herzegovina international has been rewarded for the fine form shown in recent months:
Dzeko also commented on the deal via his Twitter account:
Despite going through patches of uncertainty during his career with the reigning Premier League champions, Dzeko proved en route to domestic silverware last season just what a reliable scoring asset he is.
He finished last season playing very well and was one of the best players in this game. He worked hard and won a lot of aerial duels. It was a complete game from him. It's not strange for me to see him play like that - he finished last season playing very well. He has grown. He's a team player. I'm very happy for him. That's why he is renewing his contract here - he has a very important duty in our team.
But I repeat, Edin finished last season playing the same way as he has started. I don't think it's 100 per cent finished - but yes he will renew his contract. He's a very important player for us. It is important that we have four top strikers because we have so many games in four competitions.
Dzeko played a key role in City's demolition of the Magpies, helping his team get their title defence started by firing the club straight back to the summit of the English top flight.
And his individual highlights of the fixture displayed the kind of form that's led to the new deal, Daniel Taylor of The Guardian speaking of Pellegrini's faith in the former Wolfsburg man as a proven asset in this division:
Dzeko becomes the latest player at the Etihad Stadium to prolong his Manchester City ties, after David Silva, Sergio Aguero and Vincent Kompany each signed five-year extensions last week, per FIFA.com.
The Times' Oliver Kay noted the impact that such contract signings can have, bringing positive worth just as an expensive new arrival might:
The arrivals of Aguero and Alvaro Negredo in recent years will have tested Dzeko in the competition for game time at City. However, he was a key figure in the 2013-14 title triumph, netting 16 goals and making eight assists in 31 league displays, per Transfermarkt.
The forward's new deal means that Dzeko could well remain a part of the City setup until the summer of 2018 when his deal expires, before which he can hope to keep adding to his trophy collection.