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May, who finished last season as top-scorer, had attracted interest from a number of clubs following his late flourish to the end of The Lions ill-fated campaign but decided to stay at The Den instead of moving on to pastures new.
The news will come as a welcome boost to new manager Nigel Spackman as he looks to return Millwall to the Championship at the first time of asking and the player revealed that Spackman's appointment played a big part in his decision.
"I never had any doubt that I wanted to stay at Millwall, but I just wanted to hang on and wait until a new manager was in place," said May.
"I am confident that under Nigel Spackman we will be challenging for an instant return to the Championship next season and I am already looking forward to working with him when we report back for pre-season training at the end of June.
"I've been at Millwall for a long time, and last season was a massive disappointment for me personally, the other players and particularly the fans.
"We are determined to give our supporters something to cheer about next season."