The 32-year-old's previous deal expired earlier this week, but he will now remain at the King Power Stadium for at least another season.
Hammond joined Leicester from Southampton two years ago, going on to score once in 44 appearances for the Foxes.
Leicester are currently without a manager following Tuesday's dismissal of Nigel Pearson.
Restore Data
| Team | P | W | D | L | F | A | GD | PTS | |
| 1 | Liverpool | 18 | 14 | 3 | 1 | 45 | 17 | 28 | 45 |
| 2 | Arsenal | 19 | 11 | 6 | 2 | 38 | 17 | 21 | 39 |
| 3 | Nottingham ForestNott'm Forest | 19 | 11 | 4 | 4 | 26 | 19 | 7 | 37 |
| 4 | Chelsea | 19 | 10 | 5 | 4 | 38 | 23 | 15 | 35 |
| 5 | Newcastle UnitedNewcastle | 19 | 9 | 5 | 5 | 32 | 21 | 11 | 32 |
| 6 | Manchester CityMan City | 19 | 9 | 4 | 6 | 32 | 26 | 6 | 31 |
| 7 | Bournemouth | 19 | 8 | 6 | 5 | 29 | 23 | 6 | 30 |
| 8 | Fulham | 19 | 7 | 8 | 4 | 28 | 25 | 3 | 29 |
| 9 | Aston Villa | 19 | 8 | 5 | 6 | 28 | 31 | -3 | 29 |
| 10 | Brighton & Hove AlbionBrighton | 19 | 6 | 9 | 4 | 29 | 28 | 1 | 27 |
| 11 | Tottenham HotspurSpurs | 19 | 7 | 3 | 9 | 41 | 28 | 13 | 24 |
| 12 | Brentford | 19 | 7 | 3 | 9 | 33 | 35 | -2 | 24 |
| 13 | West Ham UnitedWest Ham | 19 | 6 | 5 | 8 | 23 | 35 | -12 | 23 |
| 14 | Manchester UnitedMan Utd | 19 | 6 | 4 | 9 | 21 | 26 | -5 | 22 |
| 15 | Crystal Palace | 19 | 4 | 8 | 7 | 20 | 27 | -7 | 20 |
| 16 | Everton | 18 | 3 | 8 | 7 | 15 | 24 | -9 | 17 |
| 17 | Wolverhampton WanderersWolves | 19 | 4 | 4 | 11 | 31 | 42 | -11 | 16 |
| 18 | Ipswich TownIpswich | 19 | 3 | 6 | 10 | 18 | 33 | -15 | 15 |
| 19 | Leicester CityLeicester | 19 | 3 | 5 | 11 | 22 | 42 | -20 | 14 |
| 20 | Southampton | 19 | 1 | 3 | 15 | 12 | 39 | -27 | 6 |
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