"I feel honoured and privileged to remain on the Montenegro bench," the 46-year-old Brnovic was quoted as saying on uefa.com after extending his stay in a job he took up in October 2011.
He guided Montenegro to the Euro 2012 playoffs, where they lost to the Czech Republic, and their bid for a place at the 2014 World Cup finals only floundered after two defeats at the end of the qualifying campaign left them third in their group.
"I hope me and my team will do what we have almost done in the last two qualifying campaigns and seal our passage to a major finals," said Brnovic, referring to the next European Championship which is being hosted by France.
"We have a core of the team at my disposal for the next qualifying campaign, with several young players coming through who can strengthen competition for starting places, which is very important."
Brnovic, who played at the 1998 World Cup, has guided Montenegro to four wins, four draws and six defeats in his 14 official matches in charge.