Terms of the deal with the three-year veteran were not announced on Saturday, and a phone call seeking comment from Favors' agent, Wallace Prather, was not immediately returned.
The 6-foot-10 forward-center averaged career highs with 9.4 points, 7.1 rebounds and 1.69 blocks in 77 games and eight starts last season. He had nine double-doubles.
''We have tremendous respect for and confidence in Derrick and see him as an important part of our future. He brings a toughness and defensive mindset that make him a key piece to what we are trying to build here,'' Utah general manager Dennis Lindsey said in a statement released by the team. ''Derrick is also a high-character individual and he has shown a dedication to continue to improve all aspects of his game.''
Favors was the third overall pick in the 2010 draft out of Georgia Tech by the Nets. He was acquired by the Jazz in a trade in February of his rookie season. He quickly became a fan favorite.
''Utah has become my home and I am excited to be able to continue my career playing for the Jazz and the best fans in the NBA,'' Favors said in a statement.
Favors would have become a restricted free agent after this season if he and the Jazz hadn't reached an extension deal by the Oct. 31 deadline.
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