The Argentinian has agreed a deal, with the option of a further 12 months, which takes him into his 11th season with the club.
Speroni, 35, was one of the key performers for the club last season as they retained their top-flight status from an almost impossible position last November.
Speroni has made over 300 appearances for Palace since arriving from Dundee in the summer of 2004.
Speaking of his new deal Speroni, who was voted the club's player of the year for a fourth time in April, said: "I’m delighted. This is my home. This is where I always wanted to be, so I'm really pleased.
“I've been saying for months and months this was always my first choice. I'm really pleased we can forget about what happened, deal with it and look forward to next season now.
“The expectation will grow as long as we stay in the Premier League, but we are going to do our best, of course, try to stay in the league again and finish as high as we can.”