Livewire forward Pickett, already locked in for two more seasons, becomes the longest-contract player in the AFL after signing a deal that will keep him at Melbourne until at least the end of 2034.
Pickett will be 33 by the end of his new contract, a deal reportedly worth $12 million.
He eclipses Fremantle's Hayden Young, who signed a six-year extension in December to stay at the Dockers until 2033.
Gold Coast young gun Mac Andrew signed a five-year contract from 2025 in September, which will be extended by another four years to 2034 if targets are met.
Pickett had been heavily linked with a move to Fremantle, where former 2021 premiership teammate Luke Jackson plays.
The 24-year-old, who has family links to both Perth and Adelaide, had been open about struggling with homesickness since being drafted to the Demons in 2019.
Pickett thanked the club for their support after announcing the deal on Thursday.
"I'm really happy and proud to be continuing my career in the red and blue," Pickett said in a club statement.
"I love my teammates and my coaches, and I can't wait to see what we can achieve together in the years to come.
"The club has shown so much care for me and my family, and I can't thank them enough for their support.
"I get to live out my childhood dream, playing footy for the oldest club at the MCG, and I'm excited and grateful to be a Demon for life."
Pickett has become one of the most lethal small forwards in the competition with his creative talents.
The 24-year-old leads 14th-placed Melbourne (5-8) with 21 goals after kicking three in their King's Birthday blockbuster against Collingwood, ahead of Bayley Fritsch (14).
It was his five-goal haul against Fremantle in round six that helped spark Melbourne after a 0-5 start to the season.
Drafted with pick No.12, Pickett boasts 182 goals from 116 games.
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