The Spaniard signed a one-year extension to his contract following a successful debut season in Scotland helping Jambos to win the Championship.
The former Valencia, Getafe and Levante player made 25 appearances for Hearts and joins Billy King, Gary Oliver and Robbie Buchanan in agreeing new deals with Robbie Neilson’s side.
Hearts boss Neilson said: “I’m delighted to get Miguel signed up. He was a massive player for us last season in the Championship and he’ll play a vital part for us in this upcoming Premiership campaign.
“Miguel’s happy here and he’s settled. His family is over and he wanted to stay. He’s been taking language lessons and his English is coming on leaps and bounds, and he’s enjoying playing his football at Hearts, so there was a desire from all parties to get the deal done.
“To get a player of Miguel’s calibre over here and playing in the Championship was incredible. His last game in Spain was at the Bernabeu against Real Madrid. But he came over and did so well for us that we had to get him on board for next season.
“What he gives us in midfield is vital. To have the likes of Miguel, Kenny Anderson, Prince Buaben, and Morgaro Gomis in the middle of the park is tremendous. They all compliment each other and can work together in whatever variation we play, so to have that strength in depth is fantastic.
“We’re working hard and looking at players to bring in. I’ve always said that we’ll bring in the right players, ones that will fit in here and improve the team. Hopefully we’ll have some positive news on that front in the next couple of weeks.”
The Edinburgh club later announced former Liverpool centre-half Danny Wilson, a possible target for Scottish champions Celtic, had left the club.
Wilson left Rangers in July 2010 to join the Reds for £2m but returned to Scotland with Hearts on a free transfer in June 2013 after initially joining on loan in January.
He made over 100 appearances for the club, scoring 11 goals.
Striker James Keatings, 23, is another to leave, but the Scot who made 33 appearances, scoring 11 goals, in the Championship-winning campaign has left “by mutual consent”.
Brad McKay, Scott Robinson, Adam Eckersley, Liam Gordon and Jake Hutchings have also all departed after the expiration of their contracts while Genero Zeefuik has returned to parent club Groningen following the end of his loan deal.