Ecclestone said he was adamant a British race would remain on the F1 calendar after the collapse of Donington’s bid.
“This will ensure the British Grand Prix is included on the Formula 1 calendar for many years to come, which is something I've always wanted,” he said.
“The team at Silverstone already know how to organise a good event and now everyone can look forward to next summer at Silverstone.”
While Silverstone has previously been criticised for its sub-standard facilities, the long term deal will allow track operators to complete an overhaul and invest in its future.
Silverstone managing director Richard Phillips said: “We've always had the belief the British Grand Prix was an important cornerstone of Formula 1 but, with Bernie, you're never quite sure. At the end of the day, though, you have to have a British Grand Prix.”