The striker has ignored interest from other clubs and is staying with Northampton Town.
Cobblers boss Stuart Gray told BBC Northampton: "He was within his rights to talk to other clubs, I am delighted that he has shown us some loyalty."
He continued: "He did very well for us when he came in last season and I think he is enjoying it here.
"He is popular in the dressing room and the fans love him, and now he has a bit of security I hope he can kick on and we will really see the best of him." Akinfenwa broke his leg just over a year ago and had to have a steel rod inserted into it.
Gray continued: "Bayo, like Giles Coke, Gabor Gyepes and Chris Doig, will benefit from a full pre-season.
"I like forward players with a physical presence and he has a huge ability to make the ball stick.
"That gives confidence to the midfield players to make runs and he draws defenders on to him.
"Not only that, he has an excellent goal record that he has maintained throughout his career.
"We wanted to keep him and he wanted to stay and I am delighted we can continue to plan for next season with Bayo now a part of those plans."
The Cobblers have already released Akinfenwa's strike partner last season and leading goalscorer Poul Hubertz.