The deal, like the previous one, runs until June 2012 and comes as reward for his impressive form this season, which has seen the 26-year-old linked with a move away from the DW Stadium.
The Latics confirmed the agreement on their website on Friday in a bid to end what they called 'vicious and potentially damaging rumours' surrounding the player over the past few days.
Improved: Maynor Figueroa isn't going anywhere
Manager Roberto Martinez hit out on Wednesday night at what he called the 'disgusting'speculation surrounding the Honduran, following reports the player hadgone on strike in an apparent attempt to engineer a move.
Martinez said: 'He has never spoken to me about wanting to leave the club. He is settled here and now just wants to focus on doing well for us.
'I said all along that if we decide to sell any of our mostconsistent performers, it will be only when the time is right for WiganAthletic, with that money reinvested in order to move the club to thenext level.'
He added: 'Maynor is a top professional, undoubtedly one of the best I haveworked with in my time in the game and I am very happy that we havebeen able to reward him in this manner and put an end to all thesilliness surrounding him in recent weeks.
'I have talked to Maynor at length, as a fellow Spanish speaker it helps that we can communicate very clearly with one another.'
Steve Bruce, his former boss, would be keen to take him to Sunderland.
Martinez slams 'corrupt' agents after Sunderland's pursuit of Figueroa Blackburn 2 Wigan 1: Allardyce's rant brings the best out of Gamst Pedersen Man United and Wigan track Atletico's £14million-rated goalkeeper De GeaFigueroa goes on strike as £5m-rated defender refuses to play for WiganWIGAN ATHLETIC FC