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Liverpool won the League Cup and FA Cup and will play Real Madrid in the Champions League final on Saturday. They came up just short in the Premier League title race, finishing a point behind champions Manchester City.
Klopp's side beat Southampton 2-1 on Tuesday to leave them a point behind City with one game left to play for both teams.
Klopp, whose previous contract was due to expire in 2024, has helped Liverpool win the Champions League and Premier League titles since arriving on Merseyside in 2015.
Liverpool, who have already won the League Cup and are in the FA Cup final and the Champions League semi-finals, trail league leaders Manchester City by a point with seven games left.
It has been a year to the day since Thiago arrived at Liverpool from Bayern Munich in a reported 20 million pound ($27.5 million) deal, with the Spanish international playing 34 games in all competitions, including 24 league games last season.