The Colombia international has not extended his contract, which runs until 2018, but he has agreed improved terms on his existing deal with the club.
The Colombia international signed a five-year contract upon joining the Rojiblancos from Club Brugge in the summer of 2013 for €7 million.
Bacca, who represented his country at this summer's World Cup in Brazil, has not extended the length of his deal but he has negotiated a salary increase.
"On Tuesday, Sevilla and Carlos Bacca signed an improved contract for the Colombian striker, which does not vary the buy-out clause of €30m or its duration, until June 2018."
Bacca has scored 25 goals in 60 appearances in all competitions since arriving at the Ramon Sanchez Pizjuan.
The 28-year-old attacker played a key role in Sevilla's Europa League triumph last season, netting a penalty in the shootout success over Benfica in the final.
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