Melbourne Storm icon Billy Slater has clarified his future by signing a new one-year contract to remain at the club for the 2018 season.

Slater played just eight times during 2015 and 2016 due to a troublesome shoulder but helped Melbourne to the minor premiership and glory in the NRL Grand Final upon his return this year.

The 34-year-old scored the Storm's third try and won the Clive Churchill medal awarded to the man of the match as they thrashed North Queensland Cowboys 34-6 in Sydney on Sunday.

"For the first time this year I can give you a definitive answer. I've worked out what I want to do next year, and that is to play on," Slater said at the club's awards ceremony.

The three-time Dally M Full-back of the Year and 2008 Golden Boot winner has played 299 games across 15 seasons for Melbourne.

Slater's impressive performances in 2017 earned him a return to the Queensland set-up for State of Origin and a place in Mal Meninga's Australia squad for the Rugby League World Cup, which begins on October 27.

"We are delighted that Billy has made the decision to pull on the purple jersey again in 2018," Storm CEO Dave Donaghy said in a release.

"He has been a champion of this club and NRL for over a decade so it is fantastic for the game as a whole that Billy will be back on the field next year.

"Billy has overcome a great deal of adversity in recent years. The fact he has not only returned but is back to his best this season is a true testament to his professionalism, dedication and incredible resilience.

"Our young players will now have another season to play alongside and learn from one of our club's all-time greats, which will be invaluable for the future of Melbourne Storm."