Preds Chairman Tom Cigarran said the pair would stay in place through the through 2014-15 season.
Poile, the second-longest serving GM in the NHL, took over the expansion team in 1997 and has guided it to playoff berths in six of the last seven seasons.
"The consistent success of the Predators on the ice is directly attributed to his ability to assemble and lead a team of management, coaches, scouts and administrators who continually identify, draft, develop and motive an exceptional group of experienced and young players," Cigarran said.
Poile is third all-time in career wins for NHL general managers (1,049), trailing only Harry Sinden (1,170) and Glen Sather (1,144).
Former NHL player Fenton is in his seventh season as Poile's assistant.
Putin thinks Obama would save him if he were drowning
Rosie O'Donnell unveils nearly 50-pound weight loss