Toshack has managed Real Madrid and Swansea at club level
Wales manager John Toshack has signed a two-year extension to his contract, keeping him in charge until the end of the Euro 2012 campaign.
Toshack's current five-year deal ends in October at the end of the qualifying campaign for the 2010 World Cup.
Speculation over a new deal for the 59-year-old has been mounting for a while.
"After giving it a bit of thought I was happy to commit myself for another couple of years," Toshack told BBC Radio Wales.
"When I first came into the job I never thought about going on the initial five-year period.
"But recently I have had a rethink and I have seen the way things are, not just myself, but the staff.
"We have coaches for each team who are more or less settled with us now. It seems to be going on quite smoothly.
"The people who matter most of all are quite happy so I am pleased to be carrying on.
"It will always will be a job in progress, and for the next person as well.
Toshack, who turns 60 in March, took over his second spell in charge of Wales in November 2004 and warned it would take longer than the five years to rebuild the international team.
He suffered a host of high-profile international retirements such as Gary Speed, Mark Pembridge and Andy Melville before John Hartson, Mark Delaney and Ryan Giggs stepped down from Wales duty.
But he has overseen the development of highly-rated Wales youngsters like Gareth Bale, Aaron Ramsey, Wayne Hennessey, Joe Ledley, Ched Evans and Jack Collison.
During Toshack's reign 33 players have been handed caps.
Wales currently sit third in Group Four of their World Cup qualifying group four points behind leaders Germany.
The FAW have wanted to extend Toshack's contract for some time.
And the new deal will see Toshack lead his young Wales side through the qualification stage for the Euro 2012 tournament in Poland and Ukraine.
"The team is going through a very, very steep curve as far as the potential of the youngsters is concerned," said FAW secretary David Collins.
"We now look forward to the latter part of the present campaign for the World Cup in 2010 and certainly look forward to the Euro 2012 with great hope that we can at last qualify for a major finals.
"You can take it that the fact that the FAW have extended John's contract, they are 100 per cent sure he can get us there."
Collins added: "You can see from the work that he's done with the young players coming through, we are now turning out to be a tremendously useful side and I don't think that would have been the case without John.
"We are delighted with the progress Wales are making under John and (Under-21 coach) Brian Flynn and long may it last."
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