Comedy Central announced on Tuesday (November 27) that the sketch comedy series will return with 13 new episodes next fall.
Kegan-Michael Key and Jordan Peele reacted to the renewal with a humorous comparison to US President Barack Obama's election victory weeks ago.
The comic duo said in a joint statement: "We are so thrilled about the pick-up and want to thank Comedy Central for four more years.
"Oh wait, what's that? One more year? Oh... OK, that will work too."
Key & Peele has famously parodied the US president in a series of popular sketches where famously even-tempered Obama uses a rage translator to vent his fury at rivals.
The comedy series' second season comes to an end tonight (November 28) at 10.30/9.30c on Comedy Central.
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Watch a Key & Peele sketch below: