The pair have been regulars together throughout much of the BBC’s football coverage in recent years, with Wright providing his knowledge and insight as a pundit during FA Cup coverage and on Saturday evenings.
And he tweeted Lineker as soon as the news was announced to reveal his delight.
Lineker tweeted: “Oh dear. Thoughts are with the haters at this difficult time,” before adding: “On a serious note: Absolutely delighted to continue working with the brilliant people at BBC Sport for another 5 years.”
Wright replied: “Delighted for you G Force. Great news.”
Meanwhile, Alan Shearer, who is himself a regular on Match of the Day, will see his contract with the BBC expire later this year.
He last extended his deal in 2016, committing four years of his punditry to the BBC.
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And his old England team-mate Wright tweeted BBC Match of Day’s official twitter account to say: “Announce Shearer!!!!!!”, tagging him in the process.
BBC Head of TV Sport Philip Bernie said: “Gary is the outstanding football presenter of his time.
“The BBC is extremely pleased to have him leading our coverage so exceptionally for another five years.”