The 33-year-old has signed a two-year deal to keep him at the Holden Centre until the end of season 2023, with the veteran already having appeared on 334 occasions for the Pies in his lengthy career.
Although various inside sources and even Pendlebury himself made it clear that he was staying at Collingwood, it still comes as a huge relief for fans that he has officially signed.
Pendlebury debuted for the Pies way back in 2006 and has collected a huge stack of awards since then.
Aside from winning the premiership under Mick Malthouse in 2010 and the Norm Smith Medal in the win, Pendlebury has won the club's best-and-fairest on five occasions as well as claiming an astounding six All-Australian blazers.
Speaking to CollingwoodFC.com.au, the veteran - who finished third in the E.W. Copeland Trophy on Friday - voiced his joy at re-committing to the club that he adores.
“I’m glad to have come to an arrangement with the club to share in what feels like a new era,” Pendlebury said.
“Being a one-club player was one thing, something I am proud of, but my main motivation is to do all that I can to assist ‘Fly’ and the new coaching group develop the squad."
The club are in desperate need of a rebuild, however boast a great crop of youngsters to do so.
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According the General Manager Graham Wright, the youthful list will cherish the tutelage of Pendlebury long into their careers.
“His achievements speak for themselves but his dedication to his craft and ability to inspire the wider group is a fabulous asset for our club."
With their skipper's future sewn up for the foreseeable future, Collingwood will now be looking forward to the draft where they are set to go big.
Prodigious father-son prospect Nick Daicos, younger brother of Josh, is set to go number one at this year's proceedings, with the Pies now able to match a bid for Daicos following a pick swap with Gold Coast on Monday.
The club are also rumoured to be making a play for Dogs midfielder Patrick Lipinski and Geelong tall Nathan Kreuger with their recruitment staff working to get those deals over the line.