However, the versatile full-back has instead agreed to a loan transfer to Montpellier, and will return to Saracens after a year in the top-flight Frenchman.
Since arriving from Wasps in the summer of 2016, Lozowski has made 107 appearances for Saracens.
The 26-year-old impressed in his first season and got an international first call to the England team in October 2016 before finally making his debut on the Argentina tour the following summer.
Having made the transition to centre during his time as Saracen, Lozowski has been a figurehead in the side and has shown both in the Premiership and Champions Cup finals of the 2018/19 double-winner season.
“I’m really happy to have secured my future with Saracens,” he said.
“This is a club that has been very good to me over the years and I’ve enjoyed playing here for a long time now.
“I’ll be watching closely and encouraging the guys and hopefully they’ll do it really, really well next season.
“I think team spirit and character will get us back to where we want to be.
“I’m happy to be able to come back and play on a great team with a big group of guys the following season.”
Mark McCall, Director of Rugby, added: “We are delighted that Alex has chosen to extend his stay at the club.
— Montpellier Rugby (@MHR_officiel) June 8, 2020
“While he has made great strides in recent years, we firmly believe there is still much to come and look forward to helping him realize his undoubted potential.”
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