Monk joined recent other contract extendees in Michu and Leon Britton as he signed a deal that will keep him at the club until the summer of 2013.
The 33 year old signing the contract puts an end to the speculation that Monk may look elsewhere for first team football and shows that he is prepared to play his part in the Swans team when called upon.
“I’m delighted,” Monk told the club’s website. “This club has been my life for nearly 10 years and I love it here.
“My heart is here and I’ve never wanted to leave from the very first day I arrived.
“I’ve had a few offers to move elsewhere this season and I’ve had to do a lot of soul searching to establish what’s best to prolong my career.
“The club didn’t want me to go, so I felt that while I am still contributing to the team – on and off the pitch – this was the place I wanted to be.
“I’m grateful to the club for their show of faith in me, but I believe it is something I’ve worked hard for. I may not be the youngest member of the squad, but I’ve kept myself fit and competitive.
“I haven’t played as much as I would have liked this season, but when I’ve played I think I’ve shown that I can compete at this level. I’m certainly not going to step aside for the younger players and make it easy for them – I’m still willing to fight for my place and do my best when called upon.
“It’s hard not playing regularly, but it’s something I understand,” added Monk. “It’s the manager’s decision at the end of the day and I’m experienced enough to understand that.
“But 99 per cent of managers in the league will tell you that it’s also important to have experience in the squad to help the youngsters on and off the pitch.
“I believe I still have influence in the dressing room because I haven’t let my standards slip. I still train hard and push the boys in front of me as much as I can. We are all in it together at this club and that has been vital to our success over the years.”