The contract has been extended by one year, until the summer of 2027.
"New history is constantly being written at this club. To have been part of it from the beginning and see what we have achieved in just two years is inspiring," Asllani said in a statement.
The 36-year-old was injured during a league match at the end of March. It turned out that the Swede suffered a serious cruciate ligament injury, for which she has had surgery and is recovering.
"Unfortunately, I will not be able to play for part of the season because of the injury, but my focus is on recovering and coming back stronger."
Asllani joined the London City Lionesses in 2024. The club finished sixth in the Super League last season.
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