Reports surfaced earlier this year that England Football Association chief executive Mark Bullingham wanted to extend manager Gareth Southgate through the 2024 UEFA European Championship after Southgate guided the Three Lions to the semifinals of the 2018 World Cup and the final of Euro 2020, which England lost to Italy on penalties.
On Monday, England announced both Southgate and assistant coach Steve Holland put pen to paper on contracts that are set to run through the end of 2024.
England officially qualified for next year's World Cup earlier this month and will enter qualifying for the 2024 Euro in March 2023.
"I am delighted that Steve and I have been able to extend our stay in our respective roles," Southgate explained for the official release. "I would like to take this opportunity to thank Mark, John [McDermott, FA technical director] and the Board for their support - and of course the players and support team for their hard work. We have a great opportunity in front of us and I know they and the fans are all excited about what this squad could achieve in future."
According to James Olley of ESPN, Southgate was earning £3 million per year before Monday's development, but his new deal is worth approximately £5 million annually and also includes performance clauses and bonuses following the team's successes under his guidance over the past five years.
Southgate served as manager of Championship side Middlesbrough until he shifted to international football. He has insisted he has no interest in making a return to club management this fall even after massive teams such as Tottenham Hotspur and Manchester United parted ways with bosses throughout the first half of the 2021-22 domestic season.
Meanwhile, Middlesbrough recently appointed Chris Wilder their new manager shortly after they parted company with Neil Warnock.