Collins is in his second spell at West Ham, having initially played for the Hammers from 2005 to 2009.
The Wales international centre-back, who started his professional career at Cardiff City, moved back to the Hammers from Aston Villa in the summer of 2012.
Collins appears to be happy at the Boleyn Ground and has said that he wants to retire at West Ham.
“The first time I left West Ham I didn't really want to leave, but I have come back and fingers crossed if it all works out I would love to finish my career at the club,” the 32-year-old told West Ham’s official website.
Collins featured in 27 Premier League games last season, creating five chances in the process.
The Wales international had a pass accuracy of 67%, and won 101 headers and 24 tackles.
The former Cardiff and Villa centre-back has yet to feature in the Premier League for West Ham this campaign, though.
Slaven Bilic’s side are fifth in the Premier League table at the moment with nine points from five matches.