Ogwumike expressed her delight at signing a new deal after the announcement.
"Los Angeles has been my professional home for the last decade and I’m excited to continue my journey as a member of the LA Sparks,” she said.
“I’m proud to be a part of an organisation with championship history and expectations and I’m motivated to continue building the Sparks legacy as we head into our 25th anniversary season.
"I’m determined and focused on competing at the highest level with my teammates.”
Ogwumike, who was selected number one overall pick by the Sparks in the 2012 WNBA draft, is one of professional basketball's most efficient players.
In her MVP-winning 2016 season, Ogwumike recorded the highest single-season true shooting percentage (73.7%) in WNBA and NBA history, and is second in WNBA history in career true shooting percentage (61.6%).
The Sparks have made the post-season every year Ogwumike has been with them.
Head coach Derek Fisher sang her praises, saying: "Not only has Nneka won an MVP and championship on the court, but she is an MVP off the court for her pivotal work in the social justice movement and as WNBPA President.”
As WNBPA President, Ogwumike was instrumental in negotiating the 2020 WNBA Collective Bargaining Agreement, she won back-to-back WNBA Kim Perrot Sportsmanship Awards in 2019 and 2020, and she was recently named one of the 2020 LA Sports Council Sportspersons of the Year, along with LeBron James and Mookie Betts.