No details of the new contract were released, but L.A Times
hinted the new deal could be worth $15 million.
Beckham's return to the Galaxy was sealed after his record five year $32.5-million contract
with the American side expired on Dec. 31, six weeks after he led the team to an MLS Cup victory.
"I had many offers from clubs around the world. However I'm still passionate about playing in America and winning trophies with the Galaxy, Beckham said in a statement, according to L.A Times . "My family and I are incredibly happy and settled in America and we look forward to spending many more years here."
Beckham, who turns 37 in May, said soccer had over the years become increasingly popular in the U.S, adding he remained committed as ever to growing the game in America.
Galaxy expressed delight at the signing which ended speculations over where the highest football earner was going to play.
"David had many options and we are pleased he felt comfortable, not only with our organization but also with Los Angeles." said Tim Leiweke, president and CEO of AEG, the Galaxy's parent company, according
to the L.A Times.
the MLS Come back Player of the Year award last season and scored 11 goals with 31 assists in 74 MLS regular season games.