The Angels did not extend his contract beyond 2016.
"I'm excited for the opportunity and appreciate the confidence Arte and the organization has shown -- not only in me, but the entire baseball operations team," Dipoto said.
The contract of Manager Mike Scioscia extends through 2018, although he can opt out after this season.
Dipoto is in his fourth season as the Angels' general manager. The Angels last year led the American League in victories and participated in the playoffs for the first time during his tenure.
Dipoto has worked to build depth, particularly pitching depth, in an organization deprived of numerous first-round draft choices because of splashy free-agent signings, most recently those of Albert Pujols and Josh Hamilton.
The Angels' website first reported the pickup of Dipoto's option Friday night.