"I was thinking about retiring and spending my time traveling to exotic locations around the world, meeting new and interesting people. Then I realized, uh, wait a second, I'm already doing that with 'Survivor' and getting paid for it, as well," Probst, 44, said in a statement Thursday.
He has signed a new multiyear deal, CBS spokesman Chris Ender said.
Probst said in October that he was weighing whether to continue with the show. He has hosted "Survivor" since it debuted in summer 2000 and his current contract ends with the edition now in production.
Mark Burnett, the show's executive producer, lauded Probst's contributions to the "ever-evolving game" in which players face physical and mental challenges in a bid to win $1 million.
"I consider him a friend and look forward to continuing to keep 'Survivor' fresh with Jeff for many more seasons," Burnett said in a statement.
Last month, CBS announced that it will air the 13th and 14th versions of "Survivor" in the 2006-07 season.
The 12th edition, being filmed at an undisclosed location, is slated for the spring. The finale for the current show, "Survivor: Guatemala," is Sunday, 8 p.m. EST.