The French goalkeeper has missed this season with a knee injury, though made his comeback against Bologna.
"I want to continue with Fiorentina. I am relaxed and eager to wear this jersey," said the 31-year-old.
He had been heavily linked with a move away from Tuscany, as German and Premier League clubs were said to be interested.
However, it looks as if Artur Boruc will be sold instead, giving the gloves back to Frey.
"I believe in the Viola project and am proud to be a part of it. Why should I stay? Florence has given me so much. It's a wonderful city and you enjoy living here.
"First of all, though, I need to find out if the club still wants me here... If I had to reduce my wages to remain, then I would do that, but also remember many years ago I turned down a lot of money for this club.
"I have a two-year contract with Fiorentina and I intend to respect it. I am in good shape now and very happy to be back on the field, especially as I suffered no relapse or complications during the recovery process. I thank my family and all the Fiorentina medical staff."