Zaha enjoyed his most productive season for the south east London club to date during the 2016-17 campaign, scoring seven times and providing 11 assists in the Premier League for his club.
The Ivory Coast international has been closely linked with a move to White Hart Lane throughout the season, with Palace chairman Steve Parish dismissing a £12m bid for the former Manchester United winger last summer.
In May, the Daily Telegraph claimed Zaha was still a target for the north London club, but they will now be left to pursue other options with the 24-year-old believing he still has more to offer at Selhurst Park.
"Palace is in my heart and I don't think the story is over. I spoke with Steve and I think I still have more to give this club. The supporters have been amazing and I want us to do more than just stay in the League next year," Zaha told the club's official website. "I would like to thank the chairman for being a big part of my journey and his fellow owners for backing me and rewarding my progression. Let's do this!"
Parish added: "Wilf has been with the club since he was eight years old and in the first team from the day I arrived. He is our talisman and someone that week in week out gives everything for the red and blue. I'm delighted he has committed his future to us and look forward to climbing up the table with him next year."
While Tottenham finished as the Premier League's top scorers last season, Mauricio Pochettino is keen to enhance his attacking options ahead of the club's return to the Champions League next summer. Everton playmaker Ross Barkley remains linked with a move to north London, after rejecting the offer of a new contract at Goodison Park.