This comes after a week of speculation in some areas of the press follwoing comments made after Sunday's defeat to Cavan.
A statement released by the Fermanagh County Board read:
"Senior Officers of Fermanagh County Board met with Senior Team Manager Peter Canavan as part of the annual management review process.
A very constructive meeting took place in which concern was expressed regarding misleading press interpretation of comments made by the team manager following Fermanaghs exit from the championship.
Following this review, Fermanagh County Board are pleased to announce that Peter Canavan will be managing the Fermanagh Senior Football team next season.
Fermanagh County Board would like to thank Peter and his backroom team and the players for their dedication to the County in 2012 and look forward to the 2013 season."
Check out Thursday's Impartial Reporter for more on this story.