Wagstaff, who turns 40 on April 30, will also have the opportunity to overtake Mark Bradtke, Glen Saville and Leroy Loggins and move into third place on the NBL's all-time most games played list.
The 39-year-old made 35 appearances for the Perth Wildcats last season to take his career tally to a massive 540 NBL matches and, despite averaging only nine minutes per game, continues to be an invaluable presence on and off the court for the club.
The 2010 Rookie of the Year will commence his seventh season as captain and, despite now having a limited impact on court in terms of pure stats, remains "a steady presence" for the Wildcats according to club management.
Wildcats General Manager of Basketball Operations Danny Mills said Wagstaff’s influence continues to be highly valued within the group.
“Jesse continues to play an important role in our group, and we’re pleased to have him back for NBL27,” said Wildcats General Manager of Basketball Operations Danny Mills in a press release on Tuesday night.
“His ability to impact games in key moments, combined with what he brings around the group, is something we value highly."
Wagstaff said it "wasn't a difficult decision" to sign a one-year contract extension once concluding that it was the best thing for his family.
“I still feel good physically and mentally, and as long as I feel like I can contribute, I’m happy to keep going,” Wagstaff told the club.
“I’ve never been someone who relies on athleticism, and I’ve probably managed my body a bit differently over the years.
“I don’t play a lot of basketball in the off-season anymore. I mix it up and keep my body fresh. That’s helped me stay at a level where I still feel I can contribute.”