The 43-year old, who took the job in January 2012, has enjoyed a rich vein of form of late, only seeing his side suffer defeat in two of their last six games having lost his opening four matches in charge.
Coleman's current deal is due to expire next summer, but Jonathan Ford, chief executive of the Football Association of Wales has confirmed that discussions have taken place.
"I would be lying if I said conversations had not been had," he said.
"We're very much looking forward to the next qualification matches; we're looking even more forward to the qualification for Euro 2016 in France.
"Let's remember those teams move from a 16-team tournament to a 24-team tournament, it's probably our single best chance of qualification over the last decade so I'm really looking forward to that.
"We need to make sure we've got the right man. I think Chris is doing a fantastic job. Let's hope he stays with it."