The Clive Churchill Medallist has signed a one-year extension to his Storm contract, meaning he will return for one more time around the sun in 2018.
Melbourne announced the news on their official website on Tuesday night.
"We are delighted that Billy has made the decision to pull on the purple jersey again in 2018," Storm chief executive Dave Donaghy said.
"He has been a champion of this club and NRL for over a decade so it is fantastic for the game as a whole that Billy will be back on the field next year.
"Billy has overcome a great deal of adversity in recent years. The fact he has not only return but is back to his best this season is a true testament to his professionalism, dedication and incredible resilience.
"Our young players will now have another season to play alongside and learn from one of our club's all-time greats, which will be invaluable for the future of Melbourne Storm."
Photo: MARK METCALFE/GETTY IMAGES Caption: Billy Slater has committed to another year with the Storm.