He said: "There is such a positive feeling at the football club that this could be our season and I want to be a part of that.
"I am loving my football so my decision to extend my contract was an easy one."
He added: "Crawley Town have ambitions to be a football league club and that was important to me when I agreed to extend my deal."
Reds manager Steve Evans said: "Steve Masterton is a big part of the current and future plans for this football club and he has great ability."
Source: BBC Sport
Source: BBC Sport