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And assistant boss Jimmy Nicholl and first-team coach Sandy Clark have also penned new deals keeping them at the club until 2011.
Calderwood had consistently hinted that he could leave if the club did not match his ambitions.
But the speculation finally ended when the new deals were announced at a press conference at Pittodrie today at 1pm.
Dons legend and Director of Football Willie Miller said: "Jimmy Calderwood's decision to stay at Pittodrie is great news.
"Securing Jimmy, and his support staff of Jimmy Nicholl and Sandy Clark, will be a fantastic boost for the club and provide a long term foundation on which to build for future success."