The 25-year-old winger has scored 20 tries in 13 games to head the try-scoring chart and help Ivan Cleary's side to the top of the ladder.
The Panthers announced on Friday afternoon Jenkins had put pen to paper on a new deal to remain with the club until at least the end of the 2029 season.
"Tom has worked incredibly hard to establish himself at NRL level and we are delighted that he has committed his future to the Panthers," Penrith general manager of rugby league Shane Elford said.
"He has continued to develop his game and has shown great consistency in his performances.
"'Milky' understands what it means to represent the Panthers and we look forward to seeing him continue to contribute to the team over the coming years."
Hailing from Boorowa, 125km northwest of Canberra, Jenkins joined Penrith ahead of the 2020 season, before making his NRL debut against North Queensland in 2022.
He has gone on to play 45 first-grade games, including five for Newcastle in 2024, crossing for 38 tries, and became the first player in premiership history to score multiple tries in seven consecutive games.
Jenkins has also already equalled the Panthers' record for the most doubles in a single season, and earned the Members Player of the Year award and the John Farragher Award for Courage and Determination last year.
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