As first reported by Standard Sport last summer, Zinchenko will be given chances to establish himself as the champions’ first-choice left-back after an impressive end to last season.
Signed from Russian side FC Ufa three years ago, the 22-year-old kicked under Pep Guardiola as City completed the domestic treble.
Zinchenko played 29 times in all competitions during City’s memorable 2018-19 campaign and has now been rewarded with a three-year contract extension.
“It’s difficult to express how happy I am to sign this deal,” the Ukraine international said. “This club offers players everything they need to improve and develop, so being here for five more years is an honour.
“This season shows we are built for success. It’s been amazing to be involved in such a historic campaign and it’s one I’ll never forget.
“But I am now completely focused on the coming years and I know more good times are around the corner.”
Zinchenko looked set to leave City last summer but stayed at the Etihad Stadium and proved a reliable option at left-back for Guardiola.
The new contract comes hot on the heels of right-back Kyle Walker agreeing a new deal until 2024 on Wednesday.