Buxton is currently the Owls' longest serving player alongside Jermaine Johnson after signing a new two-year deal earlier this week and is hoping for an improved showing next season after a last-day win over Middlesbrough preserved npower Championship status for another year.
"My goal as a player is to get to the Premier League and that is Wednesday's goal," Buxton told the club's official website.
"There was a bit of interest from elsewhere, but as soon as Wednesday said they were offering me a new deal, that was all I wanted.
"Depending on who we can bring in, hopefully we can challenge for the play-offs.
"It's an honour and a privilege to play at Hillsborough and I can't wait for the new season to start now my future is sorted."