The 37-year-old forward, who is just nine games shy of club legend Ricky Grace's all-time record of 482, will play into a 16th season with the Wildcats.

He is also chasing a record-breaking seventh championship ring.

The decision to play on came after Wagstaff averaged 6.5 points, 3.0 rebounds and 1.1 assists last season as Perth fell out of the title race at the Play-Offs stage.

"It happened pretty quick this year compared to previous years but I'm super excited and I felt good throughout last year, so hopefully we can do a few better this year," he said.

"In previous seasons I've wanted some time off, just to see how things unfolded.

"This year my body felt good and I still felt good with what I was contributing on court, so I was probably mentally ready earlier to make that decision to go again."

Wagstaff is already just the second player to reach 450 games for the Wildcats and has captained the league's most successful club for the last four seasons.

He joined them in 2009, winning a championship and rookie of the year honours in his first season.

Wagstaff has gone on to win a record-equalling six NBL titles.

Wildcats general manager of basketball operations Danny Mills said the club was thrilled to have Wagstaff extend his career.

"As the captain of the club, his leadership and championship experience are invaluable for the team, especially for our core of young players, which he demonstrates daily with his work ethic and team-first mentality," Mills said.

Australian Associated Press