The City Ground club have secured their status in the Premier League for at least one more year.
Boly, who was a modest signing from Wolves, made 21 appearances in the league this term.
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The 33-year-old is delighted to stay and hopes that he can repay the club's faith in him.
I'm very happy to extend my stay at the club and I'm looking forward to seeing what we can achieve next season," Boly said to club media.
The support of the fans has been incredible and I can't wait to continue playing in front of them."