"It feels great to be wanted by this team because I want to be here," Austin told the team's website (dallascowboys.com).
"My career started here. (The Cowboys) gave me a shot and obviously I put my all out here every day and I'm going to continue to do that and hopefully for a long time."
A backup for three years, Austin burst onto the scene last season with a breakout campaign that included 81 catches for 1,320 yards and 11 touchdowns.
The speedy big-play receiver got his opportunity when Dallas wide-out Roy Williams was injured, forcing the team to start Austin for Week Five.
After the first of many big performances, Austin emerged as the Cowboys best option.
(Reporting by Jahmal Corner in Los Angeles; Editing by John O'Brien)