The 28-year-old arrived at Welford Road from the Crusaders in 2010, with Waldrom having also played in his native New Zealand for the Hurricances.
Waldrom has quickly established himself a favourite among the fans, going on to seven tries in 52 appearances.
And Waldrom is delighted to have secured a new deal at the club.
"I've really enjoyed my rugby with Leicester over the last two seasons and I am very happy to agree a new contract," he said.
"I have a lot to thank the club for because I would not have got where I am now without Leicester Tigers.
"Everyone at the club has helped me and my family settle in the area, and the supporters have been great to me.
"Now I'm looking forward to the rest of the season and we just want to make the most of our opportunities."
Gilbert has released a new line of rugby cleats. The Gilbert Virtuo 8S is part of the exciting new product. Check it out.
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The Nike Tiempo is a solid rugby cleat and one of few styles still made from full-grain natural leather.
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The New Zealand All Blacks training jersey for 2013/14. Get in the Gear!
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