The 71-year-old former England national coach was hired by Palace in September last year, replacing Frank de Boer after the club lost their four opening games without scoring a goal, and, despite losing the next three matches, eventually guided them to 11th place.
Speaking to the Palace website, Hodgson said: "I am delighted to have extended my contract with Crystal Palace". Much has changed in the meantime and the hosts must fancy their chances heading into the new season after a slew of impressive summer signings.
Fulham have experienced a busy transfer window this summer, bringing in big-money signings such as Jean Michael Seri, Aleksandar Mitrovic and Alfie Mawson among others.
Roy Hodgson's reward for saving Crystal Palace's Premier League status last season is a one-year extension to his contract which he signed on Friday.
India, England hope for clear skies
With the rain never stopping long enough for the toss to take place, both England and India have still to name their starting XI. We should find out what we need to know at approximately 10.30am local time, with play scheduled to start at 11.
Now, on their return to the Premier League, their new-look side will be aiming to get off the mark with a victory and lay a marker down for the rest of the season. Live streaming is available on NBC Sports, which you can access with your cable or satellite subscriptions, either online or through the NBC Sports app.
"A good loan is a loan to play", Mourinho told MUTV on Thursday morning.
The Ghanaian dup will be expected to make the team that travels to Craven Cottage on Saturday for the season's opener.