The actor is set to make his third appearance as the legendary British spy in next month's eagerly-awaited Skyfall, directed by Sam Mendes.
James Bond fansite MI6 has confirmed that Craig's contract extends for two more appearances as 007 - however, previous actors in the role have been released from their contracts early, with both Sean Connery and Timothy Dalton leaving the series a film before the number agreed in their contracts.
It had previously been reported that Craig had been offered an eight-movie deal by the studios.
Sony Pictures, who have struck up a new co-financing deal for the pictures with MGM, are reportedly keen to return to a two-year production cycle for the Bond films, which would mean a sequel to Skyfall (aka Bond 24) should arrive in cinemas late 2014.
Craig has said that playing Bond required a great deal of focus and "single-mindedness", and has claimed he is withholding any plans for future film work until completing his promotional duties with Skyfall.
The 44-year-old's tenure as Bond has received a mixed reception from previous actors who played the role, with Roger Moore claiming Craig is the "best ever" Bond, while George Lazenby argues that Craig's take on the character "doesn't have a heart".
Watch the trailer for Skyfall below: