Leamy and Earls were instrumental in helping bring the Heineken Cup back to Munster in 2008 while Leamy also started Munster's first European success in 2006.
Munster have the week off from RaboDirect PRO12 duty this week after their clash away to Aironi was postponed due to the arctic conditions in Italy.
Neither Leamy nor Earls would have been available in any case with the livewire three-quarter on international duty with Ireland while Leamy is still recovering from a hip injury.
The experienced back row said: "I'm delighted that my contract has been sorted and that I can concentrate on getting back on the field as soon as possible.
"I've achieved a lot in my career, winning the Six Nations as well as Heineken Cup and League titles, but there is always the desire to try to continue that and achieve even more.
"It also makes it more pleasing to do that with Munster and to remain here in Ireland with my home province."
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