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Greenacre's current deal with the club was set to end in June of this year following his arrival from Stoke City in 2005 when Tranmere were managed by Brian Little.
Since arriving on the Wirral, Greenacre has scored 37 goals in 94 games, better than a goal every three games, and has scored an impressive 19 goals this season with four games remaining.
The 29-year old described himself as "delighted" to be staying with Tranmere as he hopes to push the club towards promotion next season, if not this.
Ronnie Moore will now have to decide whether he it to keep the other players who's contracts run out this summer, including goalkeepers Gavin Ward and John Achterberg along with defender Chris McCready.