Riley told reporters gathered for his annual end-of-the-year press conference that he and Heat Managing General Partner Micky Arison came to an agreement to extend his contract during the season, Heat.com reported.
"Micky and I have come to an agreement," Riley said. "Continuity is important."
The Web site said the terms of the deal were not revealed, but that it would lock up Riley for the foreseeable future.
Riley also indicated that Miami head Coach Erik Spoelstra would also be back next year after guiding the Heat to back-to-back playoff appearances.
"He had a great year and did a great job in accomplishing what we wanted to accomplish," Riley said. "I think the team had a very good year. I think Erik did a very good job."
Notable deaths of 2014 [PHOTOS]