The re-signing of Delpierre comes only a week after the club secured the signature of influential playmaker Fahid Ben Khalfallah on a two-year extension.
Delpierre had an interrupted season after suffering an injury in October, but played in 13 A-League matches including the past 10 in succession.
A former captain and Bundesliga title winner with VfB Stuttgart, the 34 year-old is looking forward to continuing his career at Victory.
"Everyone at Melbourne Victory has made me and my family feel so much at home and comfortable here in Melbourne so I really wanted to stay and continue to play here," Delpierre said.
"The coaches, support staff and administration are all heading in the one direction so the future is very exciting at this club and I want to be a part of it.
"My injury was disappointing but the support I received from the club was amazing so I want to be able to give something back to say thanks for the support they showed me."
Victory football operations manager Paul Trimboli believes securing Delpierre for another season is a significant endorsement of the club's current position after claiming the Premier's Plate last weekend.
"At Melbourne Victory, we pride ourselves on creating an environment whereby players want to be at our club and then when they are, they want to stay and to have both Fahid and Matthieu commit to the club within a week of each other further highlights that," Trimboli said.
"Matthieu has been in superb form since his return from injury and is an important player to our style and structure moving forward.
"He is a player that we have been working hard to retain and the club is delighted we could come to an agreement for another season."
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