On Monday his father and manager, former Magpie David Cloke, said his son might enter the NAB AFL Draft if a contract agreement could not be forged in the next week.
Cloke, 23, followed in the footsteps of brothers Jason and Cameron by joining Collingwood when drafted as a father-son selection at No.39 in 2004.
He made his debut on Anzac Day in 2005, and has played 124 games and booted 155 goals.
"I'm really happy to put this behind me and know that I will be at the club for another two years," Cloke said.
"Playing in the 2010 premiership was the best thing I've ever experienced in my football career, so now to be able to focus on trying to achieve more success at this great club is something I'm extremely excited about."
Collingwood general manager of football Geoff Walsh said, "It's great for our club that Travis has re-committed for another two years.
"He has had an excellent start to his career and we expect him to be a very important part of our forward line for many years to come."
Cloke won the Copeland Trophy as the Magpies' best-and-fairest in 2007, and in that same year he was adjudged the club's best player in finals.
He played 24 games including all four finals in 2010.
This season Cloke took more contested marks (66) than any other player in the AFL, and also led the Magpies for total marks (171) and marks inside 50 (71).
He finished second in Collingwood's goalkicking tally with 38, despite criticism of his inaccuracy when kicking for goal.
