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The 34-year-old centre-back, who signed from Leeds United in 2002, announced his retirement from international football last week and says he is eager to start work with new manager David Moyes.
"I am delighted to have signed for another year and I am looking forward to working with the new manager," said Ferdinand.
"Who wouldn't want to play in this fantastic team in front of 75 000 fans each week? It has been an incredible journey and I am glad it will continue.
"I can now fully concentrate on my club career, which has worked well for me over the past few years. This is a great team to be part of and we are now moving into a new era with the club, which is very exciting."
Moyes, who will officially succeed Alex Ferguson as manager on July 1, said he was pleased Ferdinand had committed himself to another season at Old Trafford.
"It is clear for everyone to see that Rio has had one of his best seasons with the club," he said.
"Even from the outside, you can see what a big character Rio is around the dressing room. I am delighted he has signed a new contract and I am looking forward to working with him."
Ferdinand has made 432 appearances for United since his move from Elland Road 11 years ago and recently collected his sixth Premier League winners' medal at the club.
