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The 35-year-old has remained a key member of Sir Alex Ferguson's squad this season even though he is now one of the oldest players at the Old Trafford club.
It had been suggested Scholes might retire at the end of this season if he played a reduced role, but Ferguson has used the former England international enough to persuade him to stay.
"We are delighted Paul is staying on for another year," Ferguson said.
"His form this year indicates his ability and his enjoyment of the game are as strong as ever, that's every reason to stay on.
"There was talk about him wanting to retire, but when you see his enjoyment in training and playing you can see how much he wants to carry on."
Scholes, who has scored six times in 34 appearances this season, added: "I am pleased to have signed for another year. I am feeling good and enjoying my football.
"I would like to thank the boss, the coaching staff and also the fans for their continued support."
The Salford-born star has made over 400 appearances for United, winning nine Premier League titles, three FA Cups and two League Cups, as well as playing in United's 2008 Champions League final win over Chelsea.
