By SABC Sport
14th June 2024
The 35-year-old's existing deal expired this summer but the Toffees moved quickly to offer a similar 12-month contract and the right-back has accepted.
"Everyone knows what Everton means to me, and I'm very proud and honoured to sign a new contract. I'm going to cherish and enjoy every moment," the Republic of Ireland international told evertontv.
"It's hard to believe it's going to be our last season at Goodison, such a special place to me and every Evertonian. Of course, I want to be part of that.
"I still feel I can do a job for this football club on and off the pitch. This being our last season at Goodison is a nice way to go into the campaign but I wouldn't have signed the contract if I didn't feel capable of contributing to the team.
"I think the manager steadied that ship massively last season with our performances. I just want to be part of that and to continue to be a part of this football club."
Everton also maintain they are determined not to be forced into a sale for centre-back Jarrad Branthwaite despite reports suggesting he has agreed personal terms with Manchester United, with sources claiming only a "mega offer" in excess of ã70million would cause them to reconsider.
That valuation is based on the sales of players in a similar position such as Harry Maguire, Wesley Fofana and Josep Gvardiol, who were all bought by United, Chelsea and Manchester City respectively for sums in excess of ã70m.
However, both manager Sean Dyche and director of football Kevin Thelwell have previously stated the club will have to sell this summer to aid their financial position and Branthwaite remains one of their biggest assets.
Uncertainty over a takeover, with a number of bidders reportedly in the running after a deal with 777 Partners collapsed last month, means Everton are likely to have to negotiate the summer window via player trading and loans, which is why extending Colemanâs stay makes sense in the short-term.
The club's financial situation has been boosted by a record-breaking shirt deal with Castore.
The new contract is worth three times the previous four-year arrangement with Hummel, which was reported to bring in around ã8million a year.
Castore will also become the first founding partner of Everton's new stadium at Bramley-Moore Dock, which is scheduled to be completed in December ahead of the club moving in for the 2025-26 season.
Castore, which has partnerships with England and Wales Cricket, McLaren F1 and Oracle Red Bull Racing, tennis legend Andy Murray and Olympic athlete Adam Peaty, was founded in the Wirral in 2016 by brothers and former athletes Tom and Phil Beahon.
The company was forced to defend itself last season over complaints regarding quality issues, with Aston Villa's men's and women's players' shirts becoming wet after being drenched with sweat.