The 33-year-old joined from Leyton Orient in 2011 and has gone on to make 70 appearances for the Saddlers.
"It's a real honour for me, particularly as there were a number of worthy candidates for the role," he told the club's website.
"As one of the senior players I always try to do my bit for the team and help the younger lads, but I am relishing this added responsibility.
"It's up to people like myself to help push us on."
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