New terms have scrubbed off any release clauses initially placed in the Norwegian's previous contract expiring this coming June 2027.
It reports The Athletic has deemed this extension to be amongst one of the most lucrative contracts taken up in sports history.
"I am really happy to have signed my new contract and to be able to look forward to spending even more time at this great club," Haaland said.
"Manchester City is a special club, full of fantastic people with amazing supporters and it's the type of environment that helps bring the best out of everybody."
Haaland moved to City in 2022 from Borussia Dortmund and has since grown under Pep Guardiola into one of the most fearsome strikers in the world.
The Norwegian has netted 111 goals in 126 games for the club alongside winning two Premier League titles, the Champions League, FA Cup and Super Cup.
Haaland added
"I also want to thank Pep, his coaching staff, my teammates and everyone at the Club as they have all helped me so much in the past couple of years. They have made this such a special place to be and now I am City no matter what,".
"I want to keep developing, keep working to get better and look to do my best to try and help us achieve more success going forward."