Wright, North End’s longest-serving player, has put pen to paper on a two-year deal to keep him at Deepdale until 2017.
Manager Simon Grayon is pleased that another of his Wembley promotion heroes haqs committed their future to the club.
He said: “Bailey had a clause in his contract that we activated at the end of last season extending his stay, however, we were keen to do a new deal and I am delighted he has signed.
“I have seen Bailey develop as a player since I arrived at the club and with a full pre-season under his belt we look forward to even more from him in the Championship.”
Wright made his debut for Preston in 2010, having joined as a scholar with the youth team the previous year, and has gone on to make almost 150 first-team appearances for the club.
The 22-year-old said: “I’m delighted to extend my time here, I’ve been here for six years now and I’m looking forward to making that eight at least.
“There’s been some ups and downs but it’s great to see that the last few seasons we’re on the up, especially with the promotion last year.
“We’re all looking forward to Championship football now and the challenge that lies ahead and it’s nice to be a part of it and give it a good go, knowing I will be here for a few more years.”