Bologna released a statement confirming the player had put pen to paper on a new contract keeping him at the club for another fours years.
The Greek attacking midfielder has made his name in Italy with some truly spectacular goals, notably a scissor-kick volley against Napoli last season at the San Paolo which gave his side all three points.
The Greek interrelation was originally signed by Bologna on loan from Brescia in 2011 but made the switch to Emilia-Romagna permanent ahead of the 2012/13 season
Although born in Albania, Kone has represented Greece at various different youth levels and has so far earned 13 caps for the national team.
The 26 year-old scored six goals in 31 Serie A games last season.
Follow Richard Hinman on Twitter:@RichardHinman