The deal will see the show remain in the network's primetime Thursday night schedule.
Under the new arrangement, WWE will receive a licensing fee and UPN will be responsible for selling all advertising time. The agreement also provides for four WWE television specials.
Said Dawn Ostroff, president of entertainment at UPN: "For four years, UPN and the WWE have enjoyed a successful partnership to provide strong alternative programming for young adults on Thursday night.
"We believe that the new structure of our agreement will benefit both parties."
WWE SmackDown! continues to be UPN's highest rated show among total viewers and across virtually all key adult and male demographics.
