The extension comes after a meeting between Frye and Red Bull officials in Austria. Frye had been named in an ESPN report as a candidate to join Tony Stewart's fledgling Stewart-Haas Racing team next year.
"I'm extremely pleased and quite excited to continue my relationship with Red Bull Racing Team," said Frye. "It truly is amazing to see the levels of potential, desire and dedication this organization has for wanting to succeed and be a leading force each and every weekend we compete on the track."
The addition of Frye, who spent 12 years running the team that merged with Dale Earnhardt Inc. last year, has bolstered Red Bull's young program. Brian Vickers is 16th in the Sprint Cup points standings and A.J. Allmendinger's team has made the field in 19 straight races.
Allmendinger's future, however, remains in doubt. The No. 84 Toyota is currently 36th in the owners point standings and Allmendinger is coming off a 38th place finish in last week's race in New Hampshire.
Frye said earlier this month that it's possible Allmendinger may not return next season as Red Bull officials mull replacing Allmendinger with former Formula 1 driver Scott Speed.
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