The 35-year-old goalkeeper, who has made 35 appearances for the club since arriving from Rotherham in 2005, found his chances restricted last season by the form of Chris Kirkland and John Filan.
But he told his club's official website: "I've had a chat with the gaffer and I'm really impressed with how he spoke about the club.
"This is a great place to be at - the atmosphere here is as good as any I've been at in my career.
"You expect there to be competition at every club you go to and I can genuinely say that we all get on as players.
"Every player wants the chance of Premier League football and I am delighted to be staying."
Hutchings said: "It's great to have 'Polly' on board again.
"You need to have more than one quality goalkeeper in the squad, and he has proved himself to be a Premiership-standard player during his time here.
"He had to be patient last year, and was unlucky to pick up an injury mid-season. He's a great pro, a really valuable member of the squad, and a lively character in the dressing room."