The 37-year-old, who joined the Valiants from Notts County in January, scored 10 goals to help Vale secure promotion back to League One.
He told the club website: "I am really delighted. I had it in my contract that if we get promoted I get an extra year but I still had to agree on it, hopefully we will do well next season in League One.
"In League Two a lot of players make mistakes, in the top half of the table in League One you have got some quality teams in there and you've got some quality teams coming down now, with the likes of Wolves.
"It's going to be difficult, but I think if we get extra players in and we keep the squad of players we had last season hopefully we will do well."