One of the top centres in World Rugby, McCloskey has been a stalwart for Ulster Rugby, and is in-line to hit his 200th appearance in the white jersey over the coming season.
A regular in the international set-up with eighteen caps to-date, he has been a key member of the Ireland squad that has won back-to-back Guinness Six Nations Championships in 2023 and 2024.
The Bangor man also played his part in Ireland reaching the Quarter-Final stage of the Rugby World Cup in 2023.
McCloskey, who played club rugby with Dungannon RFC, made his Ulster debut in February 2014 - and has developed into an elite ball carrier, with strong ball in hand qualities.
Ulster Rugby’s Head of Recruitment and Rugby Operations, Bryn Cunningham, said:
“This is fantastic news for us as we get ready for the new season. Stuart is one of our most experienced international players in our squad, and a standout member of the team.
“Being a key presence for us, not only on the pitch, but off it as well, we see his current leadership role really growing and evolving, particularly with so many young players in and around the Senior Men’s squad. Stuart will be a great role model for this talent coming through.
“We are delighted he has chosen to commit his future for the next couple of seasons, as we hope to see this team continue to progress in the months ahead.”
On the new deal, McCloskey, added:
“I’m delighted to have signed a new contract for the next two years. I feel like I’m playing the best rugby of my career, and I’m enjoying my role as one of the more experienced players in the team.
“We have a squad packed with talent, and have a good blend between experience and youth. It’s exciting times around the place, and we have a core of young centres coming through that I’m excited to work with and help push them on.
“I’m really motivated and excited for the season ahead as we move forward.”