Cornes, 31, is a four-time John Cahill Medallist as Port Adelaide's best and fairest player, and played in the club's 2004 premiership.
He is now the only remaining member of that victorious grand final side on the club's list, following the retirement of Dom Cassisi last week.
Selected at pick 20 in the 2000 National Draft, Cornes's new deal will see him play in his 15th season for the club after making his debut in 2001.
Forming part of a dynamic midfield at Alberton since Ken Hinkley took over as the Power's coach in 2013, Cornes said the opportunity to play again in 2015 was too good to pass up.
“It’s a pretty exciting time so I jumped at the chance to play on,” Cornes told portadelaidefc.com.au.
“I feel really good, I’ve been really lucky with my body and I haven’t really missed a training session all year, I’ve played every game so I’m confident I’ve got at least another 12 months in me.
“It’s just a great group of guys and I’ve got some great mates here, even though many of them are 10 years younger than me.
“I love what they’ve been able to do… and I’ve never been more confident about where this club is going.”
Cornes broke the club's AFL games record in 2013 and, having played every game this year, is on track to become Port Adelaide's first player to crack the 300-game mark at the elite level next season.
Mixing several duties in the midfield, including his revitalised trademark tagging role, Cornes acts as a leader for the younger crop of players coming through the ranks at Alberton.
When it comes to fitness and preparation, Cornes continues to be one of the playing group's benchmarks.
He has been unbeaten in the annual three-kilometre time trial in pre-season training for over a decade.
It's a standard he continues to impress upon his teammates, and Ken Hinkley expects that to continue in the future.
“Kane is a true professional and continues to be an outstanding player for this football club,” Hinkley told portadelaidefc.com.au.
“His preparation is second to none and he sets the standards for our younger players to aspire to.
“Kane continues to get the big jobs done on the opposition’s best players and we’re rapt that he’s playing on.”
Kane Cornes career profile
DOB: 5 January 1983
Draft: 2000 National Draft, pick 20 (from Glenelg)
Debut: Round 10, 2001 v Hawthorn
Career games: 285*
Career goals: 92*
AFL Premiership Player (2004)
AFL Pre-Season Premiership Player (2001,2002)
All-Australian (2006, 2007)
Hall of Fame Tribute Match Representative (2008)
John Cahill Medallist (2007,2008,2010,2012)
Best First Year Player (2001)
Most Improved Player (2004)
Leading Disposals (2005,2006,2007,2008,2009,2010,2012,2013)
*as of Round 18, 2014
