Renard, whose contract was due to expire this year, will remain as Zambia coach until after the 2014 World Cup, according to Sports Minister Chishimba Kambwili.
The extension will be sealed "very soon and we will ensure that we give him a lucrative deal so that he is not swayed by other countries that are after him", Kambwili told national radio.
Renard on Thursday told Radio France International (RFI) that he had received job offers from Senegal, United Arab Emirates and Saudi Arabia among others countries.
He left the job after the tournament and was later re-hired in 2011 and this month led Zambia to the African Cup of Nations crown, beating Ivory Coast in the final.
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