Schneider's deal is worth $42 million over seven years, a source confirmed to ESPN.com's Pierre LeBrun.
"I'm excited to be a New Jersey Devil for a long time, hopefully for the rest of my career," Schneider said in a conference call.
Schneider, 28, was acquired by the Devils in a draft-day trade with the Vancouver Canucks in 2013. He went 16-15-12 in 45 games with New Jersey last season, ranking third in the NHL with a 1.97 goals-against average while posting a .921 save percentage.
Schneider split time in net with future Hall of Famer Martin Brodeur, the winningest goaltender in NHL history, but the 42-year-old is an unrestricted free agent, and all indications are that, if he does continue his career, it will be elsewhere.
"I don't want to look at it as sadness [the Marty era being over]. He's had a great career, he'll always be a Devil, just in a different way," Lamoriello said. "Right now, going forward, time has a way taking care of that, and decisions have to be made. Marty's legacy is what it is. And Cory's not here to replace Marty, Cory's here to establish his own identity, which he has done, and go forward with that. As Cory said, we're just delighted because we go from one great goaltender to another, and the philosophy of this organization has always been to build from the goaltender out, and that will continue to be the philosophy."