Bryant could have been an unrestricted free agent.
Bryant, who joined the Falcons in 2010, was successful on 29 of 32 field-goal attempts last season. He led the NFL with seven field goals of 50 yards or longer.
Since joining the Falcons, Bryant has made 88.6 percent of his field-goal attempts (148 of 167). He is the second-leading scorer in Falcons history with 666 points. Morten Andersen holds the team record with 806 points.
Terms of the new deal were not announced.
AP NFL website: www.pro32.ap.org and http://twitter.com/AP-NFL