The club announced both deals simultaneously on Friday, framing the arrangement as a deliberate three-man structure alongside long-contracted backup Jonas Urbig, 22, who will receive more playing time as part of a planned generational transition.
Bayern Munich president Herbert Hainer praised Neuer's enduring significance to the club.
"FC Bayern has had a string of truly exceptional goalkeepers throughout its history — and Manuel Neuer holds a very special place among them. He is the face not just of one but of two generations, and a captain who is an outstanding role model both on and off the pitch."
Sporting director Christoph Freund added: "FC Bayern is in excellent shape for the future when it comes to goalkeepers. Manuel Neuer and Sven Ulreich possess a level of experience others can only dream of — and Jonas Urbig benefits from this in their daily training sessions. All three are great characters who together form a unique team, the likes of which cannot be found at any other European club."
Neuer, 40, joined Bayern from Schalke 04 in 2011 and has now made 597 appearances for the club. He has won 13 Bundesliga titles, two Champions League trophies and two Club World Cups during his 15 seasons in Bavaria. This season he made 41 appearances as Bayern claimed their 34th Bundesliga title. He is the captain of the club and has held that role since 2017.
Neuer said: "It's the right decision. With this team we can beat anyone, and I enjoy every day coming in to train."
Ulreich, 37, has been at Bayern since 2015 — with a single loan spell at Hamburger SV in 2020-21 — and has served loyally through Neuer's various injury absences. He has won ten Bundesliga titles, one Champions League and the UEFA Super Cup with the club.
The extensions effectively end Alexander Nübel's chances of returning from his loan at VfB Stuttgart next season.