Maxi, who joined Atletico from Espanyol on a three-year deal in 2005, was the club's second highest scorer with 10 goals last season.

"Atletico have been delighted with the player's performance and the commitment he has shown since he joined the club," Atletico said on their Web site.

The 25-year-old, who is reported to have rejected an offer to move to Inter Milan, was a key member of Argentina's team at the World Cup, ending the tournament as their joint top scorer with three goals.