First reported on Monday night, the deal is set to take Bellamy all the way through to the end of his illustrious career.
The 62-year-old's deal to stay in Melbourne will run for five years, seeing him stay at the club until the end of 2026.
While original reports suggested Bellamy may move into a director of football role after next season, the official release from Melbourne suggests Bellamy will be reviewing his role at the club on a yearly basis from the end of 2022, meaning there is scope for him to continue at the helm.
The deal will take Bellamy past 500 games as an NRL coach, and see him become the longest-serving coach at a single club.
Bellamy, who is one of history's most successful NRL coaches with three premierships to his name, said he was happy to remain at the Storm long-term.
“There have been a lot of moving parts on and off the footy field, but it’s good to have finality on the decision,” Bellamy said.
“I will be the head coach next year and then I will sit down with the club at the end of each year and talk about what role I might play. At some time during this period, I will take on a different role in coaching and in the commercial area.
“This is my 19th year and there have been some wonderful times over that period. Having the comfort in the surroundings and knowing how the club works certainly helped in making my decision."
While talk had been swirling Bellamy would change clubs to Sydney, or link up with the NRL's expansion franchise, the deal to stay in Melbourne will take him all the way through to the age of 67 and likely, the end of his coaching career.