Vuelta a Espana winner Nairo Quintana has agreed a deal to remain at Movistar until 2019, while the Spanish team announced Alejandro Valverde is set to follow suit in the coming days.
Quintana, who joined the team in 2012, won his second Grand Tour in Madrid on Sunday, beating Tour de France champion Chris Froome to the top of the general classification to add to his 2014 Giro d'Italia win.
The 26-year-old Colombian, whose existing deal was set to expire in 2017, has opted to extend his stay for a further two years, with Movistar confirmed as title sponsor of the team for the same period.
Movistar general manager Eusebio Unzue also announced 2009 Vuelta winner Valverde will soon be signing a renewal of his own.
Carlos Lopez Blanco of Telefonica - Movistar's parent company - said: "We've got the best team in the world at the moment. Enjoying results like this Vuelta win by Nairo Quintana is sensational.
"We've got tremendous confidence on the future of the team and our collaboration with them."
Unzue added: "We've got a strong team in Alejandro, Nairo and all their team-mates, and now that both are set to continue, our goal for this new, three-year term is leading cycling as we did for the past six seasons."
Movistar won three consecutive UCI World Tour titles from 2013 and are leading the 2016 standing with just three events remaining.