The 24-year-old defender, a former Bucs academy graduate, has made 83 appearances for the senior team, contributing three goals and three assists.
Pirates have just one Champions League title to their name from 1995, where they beat ASEC Mimosas 3-2 on aggregate in a two-legged final.
They were also losing finalists in 2013 as they lost 3-1 to Al Ahly.
The Buccaneers competed in the Champions League this past season but only made it as far as second preliminary round.
They secured their place in next season’s competition with a second successive second placed finish, and Monyane is determined to see his side succeed.
He told iDiski Times: “Pirates are a big team, and like we told ourselves at the beginning of the season, Pirates deserve and must be playing in the Champions League year in, year out.
“And it’s our responsibility as players to work hard to actually make that happen so that Pirates can be able to compete for that second star.
“That’s one of the biggest objectives that I myself also have as an individual.
“I don’t see myself leaving this club without getting that second star. That’s one of my biggest goals as an individual and as a footballer of Orlando Pirates football club.”
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