Greenberg, who is 78-63 at Tech and 291-233 overall, took charge of the program in 2004 after three straight losing seasons under former coach Ricky Stokes.
The Hokies are 11-7 this season and 2-2 in the ACC.
"Seth Greenberg has done an outstanding job as head men's basketball coach since his arrival in Blacksburg," Jim Weaver, Virginia Tech's director of athletics said Tuesday in a statement. "We are very pleased that he will continue to be our coach through the 2013 basketball season."
Unless, of course, things go south and they fire him.
Greenberg's base salary for the 2007-08 season is $192,070, but television deals and other incentives make the contract worth $750,002. The original contract was a six-year deal worth $429,064 per year.
He is guaranteed just under $800,000 for the 2008-09 season and $849,689 for the 2009-10 season with incentives. Contract details through the 2012-13 season will be determined in two years, Weaver said.
The Hokies advanced to the second round of the NCAA Tournament last year and to the second round of the NIT in 2005 NIT under Greenberg. He was ACC coach of the year in 2005.