The 28-year-old's four-year, $15-million deal was set to expire in the off-season and Canucks' general manager Jim Benning had been open about his desire to re-sign the veteran winger.
"Tanner is a veteran who's won a Stanley Cup and leads by example," said Benning in a press release Thursday. "He plays a complete game and provides invaluable leadership experience to our core young players. We are very pleased for Tanner and his family to continue his career as a member of the Vancouver Canucks."
Pearson, who has been sidelined since mid-March due to a lower-body injury, has struggled this season, recording just 11 points in 33 games for the Canucks.
The year prior, in the pandemic-shortened 2019-20 campaign, Pearson put up a career-best 45 points in 69 games.