The presenter agreed a "lucrative" deal with Disney-ABC Domestic Television to stay on the show, with her current long-running co-host Regis Philbin leaving on November 18.
The new deal will see Ripa presenting the programme for 16 years in total.
Executives are said to be searching for a replacement for 80-year old Philbin. A source told The Hollywood Reporter: "No decision has been made yet".
Kathie Lee Gifford and David Letterman will be among the guest stars for Philbin's final week presenting the programme, which he has done since 1983.
Jerry Seinfeld is set to co-host Live! with Ripa for three episodes after Philbin's exit.
Ripa recently said that no-one will be able to replace Regis Philbin on Live!.