The Spanish driver will be 45 years old when his contract ends with the team, the extension meaning he will have competed in the most seasons in F1 history.
Lewis Hamilton, meanwhile, announced earlier this year that he has no intention of slowing down, making the switch to Ferrari ahead of 2025 in a last ditch attempt to claim an unprecedented eighth world championship title.
However, not all racers have the same drive to want to stay in the sport until their 40s, with both Max Verstappen and Charles Leclerc stating that they are unlikely to do so.
Alonso's Aston Martin team-mate Lance Stroll is another of those, with speculation about his future beyond the end of this season rife, despite the Canadian being on a rolling contract with the Silverstone-based outfit.
“Why should Lance not continue? There's every reason to continue in the team with all the projects – that's the reason why Fernando decided to stay,” he said.
“He's had two incredible races in Jeddah and Australia. There were some parts of the race where he was faster than Fernando.
“Come on, why would you want to not continue racing if you can see what’s going on behind the scenes in the factory, with the new wind tunnel, with people joining the team?
“We're generating an incredible team for the future."