Skysports.com understands Efe Sodje has signed a new one-year deal at Bury.
Sodje's current deal was due to expire this summer, but the club moved to offer the 38-year-old an extension.
Oxford are believed to have expressed an interest in signing the central defender, but Sodje has rebuffed their overtures to stay at Gigg Lane.
Sodje played a key role in helping Bury win promotion from League Two this season and his new deal will see him stay on as they prepare for life in League One next term
The veteran centre-back moved to Gigg Lane from Gillingham in 2008, having previously spent time with Southend, Yeovil, Huddersfield and Crewe.