The new four-year deal will keep the 29-year-old at Wolves until the summer of 2016.
“I think there was some interest from a couple of clubs in the Premier League but I was happy to commit my future to the club and I am fully committed to the cause,” Henry told the club’s official website.
“I already had two years remaining but am delighted to have extended my deal which takes me up to ten years here and would make me eligible for a testimonial as well.
“I’ve been here a long time but I have to say the six years have flown by.
“I’m 29 now and I feel that I’m in my best years and hopefully I can do the business for the next four years.
“Last time we were in the Championship it was a very good year and hopefully we can have another one like that.
“It has been a tough three years in the Premier League and maybe not as enjoyable as we all hoped it was going to be.
“There were some great moments of course but it has also been a real battle to stay up and last year we fell short.
“It’s a bit of a rebuild now but I’m happy to commit my future and be part of that rebuilding process.”
“There was interest from a couple of Premier League clubs in Karl so we are pleased that he is staying with us,” added Wolves manager Stale Solbakken.
“He wanted to stay, we wanted him to stay, and it is good that the club have added another two years to his contract.
“The four-year deal also means that he will be eligible for a testimonial if he stays all the way through.
“I think it gives Karl stability but also gives the club stability and shows that to the players who are here and others we may sign.
“Karl is a good player and also an important player because he knows the culture of the club and the league we are in.”
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