Butcher and Malpas would have been out of contract next summer and the club board have moved to avoid any uncertainty over their future.
Executive chairman Kenny Cameron said: ”Terry and Maurice have done an excellent job for this club and we’re delighted that they have put pen to paper on new two-year deals.
“It is important to have continuity at a club like ours and this extension will allow the management duo to plan for the future while signalling to the playing staff that Terry and Maurice are committed to the club going forward.
“Our present league position did not come in to the directors’ thoughts. It is important to take a longer-term approach and we want Terry and Maurice to be a key part of this club’s ongoing journey. We recognise the quality input of the management team and we have faith in their ability to further drive forward the club in playing terms.
“Negotiations were concluded fairly swiftly and we feel sure that our supporters will be pleased that this issue has been put to bed. We look forward to Terry and Maurice continuing to give opportunity to young local players as part of their first team strategy.”
Butcher and Malpas joined Caley Thistle on January 27, 2009, on 18-month contracts. They steered the club to the First Division championship in 2009-10 and and in April, 2010, they agreed new two-year contracts. They guided Caley Thistle to seventh place in the SPL last season, the club’s joint highest finish.
Terry Butcher said: ”Maurice and I have become extremely attached to this club, and so many fine people in it, and we’re very pleased to sign the contract extensions. We enjoy living and working in the Highlands and we relish the spirit and support of what is very much a community club.
“Caley Thistle have won the admiration of many in Scottish football for their ambition and achievement with limited resources. This is a very special club and a key factor in deciding to sign the extension has been the strong support I have had from the board, led by George Fraser and his successor Kenny Cameron.
“This season we’ve had the worst injury crisis I’ve ever seen at any club in my entire career, but everyone has stepped up to the mark and has shown tremendous strength and character.
“We’ve given lads like Nick Ross, Gavin Morrison, Shane Sutherland and Graeme Shinnie their chance in the first team over the past 18 months to two years and they have shown great potential. Further down the line, in our youth development system, there is no shortage of local players whose promise excites us.
“Continuity is essential to build and retain a successful squad and the fans can be sure this will be our priority over the next two and a half years.”