"Unbeatable news for Celta and their fans," the club said in a statement. "Aspas will play in light blue until 2022."
"Both the club and I wanted to close the renewal and today we managed to do it," said Aspas.
Aspas, 29, has scored 21 goals this season to help Celta reach the quarter-finals of the Europa League, where they will face Belgian side Genk.
The former Liverpool striker's form has also seen him earn his first international honours this season with three caps, including a goal against England on his debut.