The contract extension means the 27-year-old Kiwi international will remain with the Panthers until at least the end of the 2022 season.
“I’m just really happy to have the opportunity to commit my long-term future to the Panthers,” Whare said.
“Penrith feels like home to me and my family loves living here so it was an easy decision to re-sign.
“We have a great group of players, some of the most loyal fans in the game and I’m excited about the direction we’re heading as a club.
“The club has shown a lot faith in me and I’m determined to repay that faith with some good form over the coming seasons.”
After starting his NRL career with Manly, Whare joined the Panthers ahead of the 2013 season.
He made an immediate impact and played a key role as the Panthers powered into the finals in 2014.
While injury has limited his game time over the last two seasons, Whare still boasts an impressive record of 26 tries in 69 games for the club.
“Words cannot describe how highly I regard Dean Whare both as a person and a player,” Panthers Executive General Manager Rugby League Phil Gould AM said.
“I have a long-standing gratitude towards Dean for agreeing to trust us with his career when he joined us from Manly in 2013.
“We are extremely grateful for the service he has given our club since the day he arrived and he is a very important part of our club going forward.
“It gives us great pride to know that Dean’s first preference is to be part of Panthers for the remainder of his career. He did not seek offers from other NRL clubs.
“I would love to see Dean finish his NRL career with the Panthers.”