The 35-year-old midfielder's future was unclear after the Power crashed out of the finals in straight sets last month, but the Power announced on Tuesday that he has signed a one-year deal.
In his 17th season at Alberton, Boak played 21 senior games for a career total of 348.
He is the Power's games record holder, well clear of Kane Cornes on 300, and Boak has made it clear trying to help Port win their second AFL flag is driving him to keep playing.
Boak played as the sub four times this season and has dropped in their midfield pecking order behind young guns Zak Butters, Connor Rozee and Jason Horne-Francis.
But he was one of Port's few good players in the home semi-final loss to GWS that ended their season.
"I've still got a lot of drive and my body still feels great so I'm really excited for another year and looking forward to getting out there again," Boak said in a statement.
"Port Adelaide has been my home for a long period of time and I wouldn't want to be anywhere else. I want to finish my career here.
"I've been through a lot at this club and to finish here, with a premiership hopefully, would be the dream.
"I think our group has taken a big step forward from last year, despite not winning a final. The growth as a group and in individual players has been huge, and another year together will naturally make our group better. I'm excited to be part of that."
Boak captained Port from 2013-18 and has won two club best-and-fairest awards, as well as making three All Australian teams.
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