Black, 33, had made no secret of the fact he had been keen to play a 16th AFL season despite negotiations reportedly stalling on occasions.
But the 2002 Brownlow Medallist - who has racked up 314 games - is now in sight of the Lions' all-time record of Kevin Murray (333).
But first he is expected to eclipse Marcus Ashcroft's post-merger club record of 318 games.
He is believed to be the first AFL-VFL player to have claimed a Brownlow Medal, a premiership, a Norm Smith Medal and break the 300-game barrier.
Black was the first to admit he may not add to his three flag tally next year but was encouraged by the improvement made by the Lions this year (13th; 10-12 record).
"We're under no illusions as to how much further we've got to improve," he said.
"But there's some good signs there and the group is really tight, united, and there's some really strong mateship."