The Italian goalkeeper, who has won 176 senior caps for his country, is regarded as one of football's greats having enjoying a 27-year career to date.
In that time, Buffon won 10 Serie A titles with Juventus, the Coppa Italia five times and finished as runner-up in the Champions League on four occasions.
As well as winning the UEFA Cup in his first spell with Parma, he also won the Ligue 1 title after leaving Juve for Paris Saint-Germain, while also winning the World Cup with Italy in 2006.
After making 685 appearances for Juventus, Buffon left Turin last summer with many expecting him to retire, however he completed a move back to his boyhood club, Parma, on a deal that was due to run until the summer of 2023.
However after making 23 appearances for the Serie B club so far this term, the 43-year-old has now extended his contract for another 12 months that will see him continue his playing career until the summer of 2024.
Speaking to the club's official website, Parma president Kyle Krause said: "Buffon has renewed his contract until 2024, I'm very happy.
"Gigi is a great player, one of the top three Italian goalkeepers. We're delighted with the renewal.
"In addition to his leadership skills, he has great qualities on a human level.
"For Parma, it's an honour that he's decided to continue with us. Gigi has clearly shown his passion for and dedication to Parma and the city; you can see it every time you encounter him.
"We're overjoyed by this news and are really happy that we can count on the commitment he displays to Parma Calcio every single day."
Krause added: "Gigi was previously under contract until 2023. His decision to renew is a piece of good news for the future and provides confirmation that he wants to continue to play at a high level.
"It makes me particularly happy to hear him talk about the future at the age of 44, it really is fantastic. His teammates see him train every day and know how enthusiastic he is."