Bryant was set to become an unrestricted free agent and the 42-year-old said he did not intend on retiring.
"I am ready to play. I'll play two [to] three more years in this league," Bryant said in a statement released by the team. "There's obviously some curious times ahead to see where those two-three years happen. You know I'd like to finish it here with this organization. I guess I have a history here, so I'd like to finish it up here."
Bryant, who turns 43 in May, joined the Falcons in 2009 and has accounted for 1,029 points in nine seasons to become the team's all-time leading scorer.
Last season, Bryant made 87.2 percent of his field-goal attempts, including a career-high eight kicks from 50 yards or more. With the Falcons, he has converted 88.1 percent of field-goal attempts and 99.7 percent of extra points.
During Atlanta's run to the Super Bowl in 2016, Bryant was 34 of 37, with two of his misses coming from 50 yards or longer.
In 221 regular-season games for the New York Giants, Indianapolis Colts, Miami Dolphins, Tampa Bay Buccaneers and Falcons, Bryant has made 85.8 percent (368 of 429) of his field goals. He also has made 520 of 525 extra points and his 1,624 points are 17th on the all-time list.