O'Neill has been in his job since November 2013 and guided Ireland to the Euro 2016 finals last summer, in the process earning a contract extension.
The news was confirmed on Thursday evening and comes just hours after O'Neill himself suggested that he would like to stay as the boss beyond this qualificaiton campaign, regardless of whether Ireland qualified for the World Cup or not.
Martin O'Neill has agreed a new contract with the Republic of Ireland and will remain manager until after their Euro 2020 campaign.
Speaking to the national team's official website, O'Neill said: "I spoke to John [Delaney, chief executive] very recently and he said on behalf of the board that he wanted to extend my contract for the next couple of years".
"We've looked at the fact that there are some young players coming through - I say young players, I'm talking about mid-20s - who hopefully will take on the mantle of the older players when they drop out of the squad, so I think there is much to look forward to".
It is understood assistant Roy Keane and the rest of the coaching staff have joined him. Global football was something I didn't know whether you'd get used to or not, but obviously with qualification for the Euros made it all worthwhile - and we're still in this competition also.
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Asked before the announcement if he felt his reign could be considered successful regardless of how the ongoing qualification bid pans out, the manager replied: "Well, we qualified for a competition - one out of one".
The Republic play Moldova in Dublin on Friday and visit Wales on Monday needing to win both World Cup qualifiers to stay in the hunt for a play-off place for the 2018 tournament.
"I think the season tickets have gone from 4,000 when we started to 16,000, so I think there is some evidence that we're doing okay".
"We're still in the mix and one out of one (qualifying) at this minute is not too bad".
"But it's not about bringing things over to Cardiff".
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