Klopp has often suggested he would look to take a break or retire completely once his current Liverpool contract expired in the summer of 2022.
However, the Reds boss agreed to new terms with the club on Friday, with the German extending his time at Liverpool for a further four-and-a-half years.
There are also new deals for assistant managers Peter Krawietz and Pepijn Lijnders, who will continue alongside Klopp on the touchline.
Klopp was eager to explain why he "couldn't contemplate leaving" Liverpool, insisting there is "no better place" than Anfield.
Happy Friday, Reds! 🤩🤩🤩 pic.twitter.com/7qUWOsszb6
“When the call came in autumn 2015, I felt we were perfect for each other; if anything, now I feel I underestimated that,” Klopp said.
“It is only with a total belief that the collaboration remains totally complimentary on both sides that I am able to make this commitment to 2024.
“If I didn't I would not be re-signing. This club is in such a good place, I couldn't contemplate leaving.
“I must also highlight the role of our sporting director, Michael Edwards, in this journey so far. His input and collaboration has been just as important as anyone else's in getting us into a position to compete for the game's top titles.
“For anyone in football who aspires to compete in an environment where every element of the organisation is at its very best – from the support of the supporters to the vision of the owners – there can be no better place than this.
“People see what happens on the pitch as a measure of our progress and although it is the best measure, it's not the only measure. I have seen the commitment from ownership through to every aspect and function of the club you can think of.”
The club's owners, FSG, released a joint statement expressing their delight at keeping the 52-year-old at the club as they claimed Klopp's extension is "one of the big moments" of their time at Anfield.
“We are absolutely delighted we have been able to reach an agreement with Jurgen – as well as Peter and Pep – on extending their time with the club,” they jointly said.
“As we are sure our supporters would agree, it is truly wonderful news and we are all extremely thrilled, not only professionally, but personally too.
“We feel this represents one of the big moments of our stewardship of Liverpool Football Club so far as we believe there is no better manager than Jurgen. The decision also keeps with the club's overall strategy of building from a position of strength.
“It means Jurgen will oversee the ongoing transition from Melwood to the new Kirkby training base as the club continues to pursue a vision of being elite in all facets of the industry.”
The deal represents a massive boost for the entire club and another sign of Liverpool's desire to be successful both now and in the long term.
Should Klopp stay for the entire length of the new deal, he will oversee the further expansion of Anfield to a 60,000 capacity stadium and the Reds' move to a new training ground in Kirkby.