Since assuming the Sparks' full-time starting point guard duties in 2017, the 27-year-old has averaged 14.7 points and 5.2 assists per game while shooting 41.6% on threes.
Last season, L.A. outscored its opponents by 5.3 points per 100 possessions with Gray in the game. When she sat, the Sparks' net rating crashed to minus-3.5
"Chelsea is a special player and person," Sparks coach Derek Fisher said in a statement. "Each season, she adds elements to her already explosive game. She's foundational to everything we're building and we're grateful to have her in LA."
Gray was an All-WNBA first-team selection in 2019, earned a second-team nod in 2017, and was named to the All-Star Game in each of the past three seasons. She's also among the players under consideration for Team USA ahead of the 2020 Olympics in Tokyo.