Blanc signed a new one-year extension on Thursday, seeing him through until the end of the 2015-16 season, following PSG's triumphant season.
The French giants claimed back-to-back Ligue 1 titles, while they also won the Trophee des Champions and Coupe de la Ligue.
PSG captain Silva was delighted to hear of Blanc's decision to remain in Paris, having replaced Carlo Ancelotti at the start of the season.
"It was Laurent's decision. He deserves to stay thanks to this year, a year which has been very difficult," Silva said.
"The squad and the president have faith in him."
PSG team-mate Zlatan Ibrahimovic was also full of praise for the Frenchman, who appeared to be the club's fall-back option after missing out on several top targets, including Fabio Capello following Ancelotti's switch to Real Madrid.
"He's done very good work this year. He deserves to stay," said the Sweden international.
"He's proven his worth. The club has confidence in him and that's why he's extended his contract.
"I'm sure that he'll do even better work next year."
With the league crown already secured, PSG have turned their attention to eclipsing the points record for a single Ligue 1 season.
Blanc's men, who have collected 83 points thus far, only need two points from their remaining games against Lille and Montpellier to surpass Lyon's 84 points total set in 2006.
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