Wednesday were knocked out on penalties by Huddersfield Town after a 1-1 aggregate draw in their semi-final, with David Wagner’s men going on to play Reading in Monday’s final at Wembley.
The south Yorkshire outfit made it to the play-off final last season but were beaten 1-0 by Hull City thanks to a Mo Diame screamer.
Wednesday said Carvalhal, who had been linked with a return to his homeland to take charge of Porto, has signed a new contract to extend his stay at the club, but no details about the terms of the agreement were given.
“Carlos and his backroom staff - who have also extended their S6 contracts - will regroup for the 2017-18 campaign, which begins with pre-season in July,” read the club’s statement.
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