Sudeikis's future on SNL was the subject of speculation earlier this year, when producer Lorne Michaels hinted that he might leave mid-season after seven years on the show.
Saturday Night Live will take its mid-season break after this weekend's show, but The AP reports that Sudeikis is expected to return in January.
"I'm not sure Jason knew when he signed it, but he did sign a lifetime contract. Of course, he has good lawyers and they're examining it," Michaels joked to the news service.
The producer said more seriously: "My sense is, we'll have him for the rest of the season, and I'd like to keep him for longer than that. I think this is his best season yet."
Sudeikis has had increased visibility on Saturday Night Live this season due to portraying US presidential candidate Mitt Romney prior to the November election.
He initially joined the NBC series as a writer in 2003, becoming a cast member two years later.
This weekend's Saturday Night Live - featuring host Martin Short and musical guest Sir Paul McCartney – airs at 11.30pm ET on NBC.
Watch Jason Sudeikis in a Saturday Night Live sketch below (US users only):