Vitoria was appointed by the Lisbon giants in 2015, joining from Vitoria Guimaraes to succeed Jorge Jesus, who left for bitter rivals Sporting.
The 46-year-old led Benfica to the title in his first season and also took them to the quarter-finals of the Champions League, where they lost to Bayern Munich.
They currently sit a point clear of Porto at the top of the Portuguese league with seven matches remaining and therefore on course to win a fourth consecutive title, something they have never before achieved.