The 27-year-old goalkeeper joined the club in July 2019, and has made 35 appearances in all competitions.
Earps said: “I’m delighted to extend my stay here; we’ve grown so much as a team in the last couple of years and that’s something I’m really looking forward to continuing.
”I always want to be in an environment that will challenge me, I have a hunger to learn and improve, and the staff here are brilliant in giving me the best opportunity to do that.
“This team is capable of big things; I want to be playing Champions League football and to be competing for trophies and I know that ambition is shared across the squad.