Futcher, 30, has not been able to add to his 136 appearances for Shakers this season due to loan spells with Mansfield, AFC Telford and Macclesfield.
Bury have created the position of development coach for Futcher as they will enter a team in a reserve league next season.
Manager Richie Barker told his club's official website: "Ben will still be available to play for us if needed, but he will start earning his stripes as a coach and will be working with our younger players, plus working with the first team and maybe even a bit of scouting.
"I was given the opportunity by (former Bury boss) Alan Knill because he saw me as a player that may go into coaching. I've done the same with Futch."