Figures of the deal have not been released yet.
Cooper, who was in the final year of his contract with the team, is coming off of a 2014-15 season in which he led the Lightning to their second-ever Eastern Conference championship.
While it fell short in the Stanley Cup Final against the Chicago Blackhawks, it was the first time in franchise history the team won 50 games in a single season.
Now, four years into his first head coaching gig at the NHL level, Cooper is 112-70-23 with the Lightning, and he was a 2014 finalist for the Jack Adams Award given to the league's best head coach.
Guiding a team packed with talent, including Steven Stamkos, Victor Hedman and Tyler Johnson, Cooper knows that he's in a good situation in Tampa, as he told the media Friday, per the Tampa Bay Times' Joe Smith:
The Lightning have struggled this season, though, starting the campaign with a 12-11-3 record, and they are currently in 11th place in the Eastern Conference.
But a vote of confidence like this from general manager and hockey legend Steve Yzerman solidifies the fact that Cooper will be in Tampa Bay's future for a while.
Stats courtesy of Hockey-Reference.com.