The 24-year-old centre-half has made nearly 100 first-team appearances for the Canaries to date and is hoping to help the club make it back to the top-flight of English football.
Shackell told the club's official website: "I want to be playing in a Norwich side that gets promoted to the Premier League, it's as simple as that.
"That's where every footballer wants to be and Norwich is a club that is more than capable of getting there.
"We've got a great stadium and facilities and we have got a good team, even though we're not performing on the pitch at the moment.
"We need to be aiming to get up to the Premier League and I want to be part of a Norwich side which does that."