Selig has held the position since 1992, first as acting commissioner and then as commissioner since 1998. He will turn 80 in July 2014.
If he stays until September 2016, he would surpass Kenesaw Mountain Landis (1920-44) as the longest-serving baseball commissioner.
Selig’s contract had been due to expire this Dec. 31.
After owners approved the extension Thursday Selig said he was “very humbled by the request to stay on.”
PADRES: Major league owners have put off approval of the sale of the San Diego Padres to Jeff Moorad.
Selig said that baseball’s ownership committee and executive council unanimously decided to defer action “to get more clarity and technical information.”
METS: Pitcher Johan Santana hopes to be back on the mound for New York when the season starts.
The two-time Cy Young Award winner is coming back from shoulder surgery and hasn’t pitched in the major leagues since Sept. 2, 2010.
BREWERS: Outfielder Carlos Gomez and Milwaukee have agreed to a one-year deal worth $1,962,500, avoiding salary arbitration.
RAYS: Power-hitting free agent Luke Scott was added to the middle of Tampa Bay’s lineup after agreeing to a one-year contract worth $6 million that includes a club option for 2013.