Cohen's agent, Drew Rosenhaus, confirmed the deal to ESPN's Adam Schefter.
In June, the 25-year-old North Carolina native said the situation provided an extra layer of motivation heading into the 2020 campaign.
"It's definitely a motivating factor being that this is the year," Cohen told reporters. "I feel like I can't put any pressure on nobody else. It's all on me. That's how I like to go about it. I just take it upon myself, anything else like, I want to win as a team. I feel like if we win as a team that is good for everybody's individual success."
The 2018 Pro Bowl selection has been a valuable dual-threat asset for Chicago. He entered his fourth NFL season with nearly as many catches (203) as rushing attempts (250), showcasing the team's efforts to get him the ball in space to use his elusiveness and game-changing speed.
Cohen averaged 853.7 yards from scrimmage across his first three seasons and scored 14 touchdowns across 48 regular-season appearances for the Bears.
He's recorded 47 total yards and no scores in one game so far in 2020.
The North Carolina A&T product probably doesn't possess the size (5'6", 191 pounds) to become a three-down workhorse for Chicago for an entire season. That doesn't mean he's not a vital cog in what the NFC North club is trying to do offensively.
He'll continue to share playing time with David Montgomery and Cordarrelle Patterson. He's likely to get between 12 and 15 touches in most games, and more when the Bears are playing from behind.
Cohen's extension combined with Montgomery's deal, which runs through 2022, should solidify the team's backfield for the immediate future.