The popular 35-year-old Argentinean has been an Eagle since joining from Dundee in 2004, and has made 320 appearances.
Speroni told Palace Player: “I’m delighted. This is my home. This is where I always wanted to be, so I'm really pleased.
“I've been saying for months and months this was always my first choice. I'm really please we can forget about what happened, deal with it and look forward to next season now.
“The expectation will grow as long as we stay in the Premier League, but we are going to do our best, of course, try to stay in the league again and finish as high as we can.”