Speculation had the two-time premiership Panther exploring other options as the club's salary crunch continues, only for the second-rower to re-commit through the end of the 2026 season.
Sorensen has had a big season, particularly in the injury-enforced absence of Liam Martin, stepping up from his bench role to a starting job where he's delivered some big performances.
Dual premiership stars Stephen Crichton and Spencer Leniu are two Panthers who will leave due to salary cap pressure, signing with Canterbury and the Sydney Roosters respectively for 2024 onwards.
It means 11 of last year's grand final squad have re-signed and five - Apisai Koroisau, Villiame Kikau and Charlie Staines along with Crichton and Leniu - have moved on.
Bench utility Jaeman Salmon is the last of those to decide on his future, out of contract at the end of this season.
For Sorensen, the former Canberra and Cronulla player and New Zealand representative says he's "over the moon" to be sticking around.
"I know I wouldn't be in this position without (coach) Ivan Cleary, the incredible staff and of course my teammates," he said.
"I love this club - it's a very special place to be. To secure my and my family's future here at Penrith means the world."
Panthers chief executive Matt Cameron praised Sorensen's development after joining the club in 2021.
"Scott joined the club as a reliable first grade player in 2021, looking for an opportunity to progress his career … he took that opportunity with both hands and has developed into a dual premiership winner and representative player," he said.
"Not only is Scott a talented and reliable rugby league player on the field, he also embodies the qualities we value at our club seen through his commitment and hard work."
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