"I would like to thank president Leath, (director of athletics) Allen Greene and the board of trustees for their belief," Pearl said. "The investment in me and my staff demonstrates their support of the men's basketball program moving forward. I'm happy and blessed to be at Auburn and live in this wonderful community."
In five seasons with Auburn, Pearl has amassed a 100-72 record, which has included the program's only 30-win campaign.
The fifth-seeded Tigers were able to knock off Kansas, North Carolina, and Kentucky before narrowly falling to eventual champion Virginia in the national semifinal.
Pearl spent six seasons as the head coach of Tennessee from 2005 to 2011, during which it reached the NCAA Tournament each year.