The Saturday Night Live alum's future on the NBC comedy initially seemed uncertain, after a public feud with Community creator Dan Harmon.
Chase was quoted as saying that he was unhappy with the writing on the show and didn't believe the writers knew what to do with his character this past season.
Deadline reports that the actor has renewed his contract with NBC, along with actors Alison Brie, Joel McHale, Jim Rash, Danny Pudi, Donald Glover, Gillian Jacobs, and Yvette Nicole Brown.
Harmon was replaced as Community's showrunner in May, although it is not known whether his departure influenced Chase's decision in any way.
Community was renewed for a fourth season earlier this year, and recently won a Critics Choice award for 'Best Comedy Series'.