The 68-year-old Larranaga has a 161-79 record in seven seasons at Miami, including 75-49 in the Atlantic Coast Conference. He has led the Hurricanes to four NCAA tournaments, including two trips to the Sweet 16.
"Coach Larranaga is an integral part of our athletics department's success, and he continues to demonstrate year after year that he is one of the best basketball coaches in the nation," athletic director Blake James said in a statement.