Talbot, who joined the Spireites in 2009, was set to be out of contract this summer but has put pen to paper on a new one-year deal.
After missing the first half of the 2014/15 season through injury, the 28-year-old was pleased to hear he was wanted as part of new manager Dean Saunders’ plans.
He said: “I didn’t know if I was going to come back to the club or not, to be honest, but I spoke to the new manager a few times, he laid out his plans and he wants me to be part of his plans.
“I had a career-threatening injury, but I’m over that now and I’m raring to go.
“Chesterfield have always been good to me – especially over the last 18 months – and I wanted to repay their faith in me.
“I had a couple of offers to go elsewhere and I could have gone for a lot more money, but I love it here and it means I don’t have to move.
“It’s an exciting time. The manager has tried to sign me in the past and I was interested to hear his plans for the club.”
Saunders, who has been in the job 10 days now, said: “I’m really pleased to have kept Drew because I can rely on him and that’s the type of character I want. He’ll run through a brick wall for you.”
Talbot joined Chesterfield from Luton and has gone on to make over 200 appearances for the club. After regaining full fitness this season, he had a successful spell on loan at Plymouth.