The 32-year-old midfielder - a five-times Copeland Trophy winner as the Magpies' best-and-fairest - said the decision to extend his deal until the end of the 2021 campaign was a simple one.

"We've got our list in solid shape from a talent perspective and a strong sense of purpose; what we want to do and how we want to do it," Pendlebury said.

"I'm proud of our program and I was keen to remain involved with it."

Pendlebury, who has played 301 AFL games, is set to surpass Tony Shaw (313) as Collingwood's games record holder this season.

He is also poised to break Nathan Buckley's record of 161 games as Magpies captain and Richmond legend Kevin Bartlett's record of 200 games at the MCG.

Australian Football Hall of Fame member Terry Wallace said this month he rated Pendlebury Collingwood's greatest ever player.

List manager Ned Guy says the club is eager to retain Pendlebury's service for as long as possible.

"Scott sets an example in the way he plays, trains and leads. His value to Collingwood is immense," Guy said.

"His achievements speak for themselves but the influence of his professional dedication and constant search for improvement are so important to those around him.

"Very few can win six All-Australian blazers but everyone can learn something from a footballer who has played 20 or more matches in 12 of his 14 seasons and holds to the standard he does.

"It is very pleasing to know he will be with us for at least another two seasons."

Guy and Collingwood can now focus on re-signing star duo Jordan De Goey and Darcy Moore, who are both out of contract this year and will be subjects of interest from rival clubs.

Australian Associated Press