In 1987, he was a first round draft pick by the Quebec Nordiques, who later moved to Denver and became the Avalanche.
Only Yzerman, who has been with Detroit for 22 seasons, has a longer tenure with the same team.
"I've been fortunate to play for a great organization surrounded by good teammates for many years in a great hockey market," Sakic said after re-signing late Tuesday. "My family is very much at home here, so it was important for me to remain in Colorado."
Sakic is 11th on the all-time scoring list with 1,489 points, 15th all-time in assists with 915, and 17th in goals with 574.