PORT Adelaide coach Ken Hinkley has been rewarded with a two-year contract extension after helping lift the club back into premiership contention last season.

The new deal will extend the 54-year-old's reign at the Power to the end of the 2023 season, marking 11 years in the job.

Hinkley entered 2020 with doubts hovering over his future after the Power had failed to make finals in four of the previous five years.

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But the Power rebounded strongly, finishing last season as minor premiers before losing to Richmond by six points in a thrilling preliminary final.

Port Adelaide will start 2021 as fourth favourites for the flag, and chairman David Koch feels Hinkley is the right man to lead the club to a period of sustained success.

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"At Port Adelaide, we exist to win premierships and our people have high expectations, which we wholeheartedly embrace going into 2021," Koch said.

"Ken has built a culture within our football program of care and connection. You could see how much the players were playing for each other and for Ken last season, and how much Ken savoured the success of his team.

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"We think in Ken, his coaching group, the football department and our players, we have the ingredients to achieve the ultimate success, and we look forward to seeing that play out over the next three years."

Hinkley said falling short last year would fuel the group's hunger in 2021.

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"I love everything this club stands for," Hinkley said.

"We're embracing the challenge of delivering sustained success for our people. That is what I crave as a coach of this playing group. I want this for our players and I want this for our community.

"We fell agonisingly short in our 150th year and that hurts. But I know our playing group and entire club has a burning desire to go further in 2021."