The former Zimbabwe international has been at the club since 2005 and the 30-year-old - who was previously contracted until the end of the season - was delighted to pen a new deal.
"This club is going places and it's an exciting and special time as you can see looking around the ground," he said.
"For me it was just a no-brainer; I love playing at this club. I love the changing room. It's been a very successful period for Hampshire Cricket over the last few years and I can see that continuing."
First XI coach Giles White was delighted to tie down a player who has taken over 300 wickets for the county.
"Slug (Ervine) tells me he's won more medals for Hampshire than any other player and I wouldn't be at all surprised if that was the case," he said.
"He's been a fantastic servant of the club over many years and we look forward to having him here for many more to come."
- Sports & Recreation