The Panthers announced the deal on Saturday.
"I'm very excited about it because I really like where we are as a football team," Rivera said in a news release from the NFC South squad. "We've done some really good things and we have an opportunity to do more. Things are in place and we can continue this success. We've had consistency of winning and we've gone to the playoffs four out of five years.
"This is a tremendous place with tremendous support from ownership and the people that work in the organization. And I really appreciate the support we've gotten from our fans in the Carolinas. That's a big reason why I want to continue my association with this organization."
Rivera, 55, joined the Panthers in 2011. He entered the NFL ranks as a defensive quality control coach in 1997 with the Chicago Bears. Rivera also coached linebackers for the Philadelphia Eagles and San Diego Chargers. He also served as a defensive coordinator for the Chicago Bears and Chargers.
Rivera owns a 64-47-1 record in seven seasons as the Panthers' head coach. He is 6-3 in the post season, including a Super Bowl appearance. Rivera's Panthers finished the 2017 season with an 11-5 record and battle the New Orleans Saints at 4:40 p.m. Sunday in an NFC Wild Card Round matchup at the Mercedes-Benz Superdome.