The 34-year-old was due to be out of contract this summer but the club has moved to make sure he doesn't hang up his boots just yet.
Back row forward Wood has been a huge figure at Saints since joining from Worcester Warriors in 2010.
He has made 226 appearances so far, helping the club claim glory in the Premiership, Premiership Rugby Cup and European Challenge Cup.
And now Wood is hoping he can keep delivering for another year for the black, green and gold.
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“It’s awesome to be staying on at Saints,” Wood said.
“I’ve really enjoyed being a part of this group, and emotionally speaking the club is such a big part of my life, so to be given this opportunity is a huge privilege.
“I’ve only ever wanted to stay around as long as I am able to fulfil my role as a player; I only want to be here if I am competing, giving my best on matchday and in training each week.
“So, it’s really important to me that I am in genuine contention for a starting spot – that’s been the case this year, so I hope to continue that moving forwards.
“I hope I set a good example around the club by the way I play and conduct myself, and that my experience does rub off on some of the youngsters.
“As a group, we know we are capable of so much more than we have delivered this year.
"That’s hopefully part of our development and we’ll learn the lessons we need to ahead of next season, and be better for it.”