The Russian driver extended his contract through the 2012 season, the team said Wednesday.
Petrov joined Renault this season, becoming the first Russian to compete in Formula One. He finished 13th in the drivers' standings.
Lotus and Renault agreed to a seven-season deal last month to create Lotus Renault GP. Group Lotus will own and run the team, and Renault will supply the engines and technical support.
Renault finished fifth in the 2010 constructors' championship with Kubica and Petrov.