The Palace No. 9 has made an impressive start to 2023/24, most recently scoring an excellent half-volley against Tottenham Hotspur; setting up crucial goals at Sheffield United, Brentford and Plymouth; and winning the cinch Player of the Month award for August.
Ayew has been a regular fixture in Palace's side since signing from Swansea City on loan in August 2018, playing 186 matches in all competitions and appearing in all 41 of Palace's games last season.
The forward was also awarded the Ghana captaincy for the first time in September, leading his side to victory over Central African Republic and securing their qualification for the upcoming Africa Cup of Nations.
Chairman Steve Parish said: “Jordan is a fantastic professional, on and off the pitch. His efforts are never less than 100%, and as a result, he provides an outstanding example to his teammates day in, day out.
"I am delighted to see him extend his spell in red and blue yet again.”
After signing the extension, Ayew said: “It feels great. I think everyone knows how much I love this club. I feel immense pride every time I put on the Palace shirt; this club is my home, and signing a new contract shows that.
"Everything about Crystal Palace is special – the fans especially. They are our 12th man. There isn't a fanbase as passionate and supportive as ours in the league; you are always with us from the first minute until the end.
"I'd like to thank the manager – I have so much respect for Roy [Hodgson], he's been so good to me – and Steve Parish and Dougie Freedman. They're always there when you need them. Not forgetting all of staff at the club; we all have a great bond here.
"I hope I can help the club push on up the league. We have a good squad and the belief to achieve something special. I will be giving 100% every week to make sure we go on a good run and start climbing the table."