Low, 58, helped Germany win the World Cup four years ago in Brazil.
Part of the German FA since 2004, Low was first appointed as part of Jurgen Klinsmann's coaching staff.
He took charge of the side following a third-placed finish at the 2006 World Cup on home soil.
Low is contracted till 2022. Besides the World Cup glory, he also led Germany to the European Championship final in 2008, and secured semifinal appearances at the 2010 World Cup as well as the 2012 and 2016 European Championship.
This time though, the team failed miserably, losing to Mexico and Korea Republic and winning against Sweden to bow out of the group stages.
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