Schwarzer told the Fulham website: "I'm delighted to have finally signed a contract extension with Fulham after a great deal of speculation surrounding my future in recent months. The club, manager and team have all highlighted their desire to see me stay at the Cottage and after successful negotiations I can confirm that my future is with Fulham.
"Since I joined the club in 2008 we have enjoyed a great deal of success and I believe Mark Hughes will build on this success over the forthcoming seasons and continue the club's progress. I have enjoyed two memorable years at the Club so far and I am now looking forward to many more."
Mark Hughes added his thoughts: "He was obviously very flattered by the interest. We're delighted that he's decided to stay here and we can move forward now."