The 24-year-old made 50 appearances in 2015-16, more than enough to activate the clause in his contract.
Pilgrims boss Derek Adams has offered deals to 13 players, including captain Curtis Nelson, midfielder Carl McHugh and striker Reuben Reid.
Former Crawley player Josh Simpson, ex-Oxford striker Deane Smalley and Callum Hall have been released.
Jervis, Plymouth's top scorer this season, follows Gary Sawyer and Graham Carey in triggering new contracts.
Ryan Brunt, Peter Hartley, Luke McCormick, Kelvin Mellor and Gregg Wylde are among the others to be offered deals, while all five of the Devon side's loan players, including Crystal Palace youngster Hiram Boateng, have returned to their parent clubs following Argyle's play-off final defeat by AFC Wimbledon.
Plymouth Argyle forward Jake Jervis has triggered an extension to his contract to remain at the League Two club.