The popular 28-year-old, who has been a regular member of Nuno Espirito Santo’s Premier League line-up this season, has agreed terms on a new two-and-a-half-year deal.
After joining the club in the summer of 2017, the defender was a rock at the back of the Championship-winning side in what was his first campaign for Wolves.
The former England under-21 international played 33 matches in gold and black last season, netting a dramatic last-minute winner against Bristol City.
Bennett has continued his form following promotion into the Premier League, playing a full role in all but one of Wolves’ matches in the English top flight so far this season.
Wolves sporting director Kevin Thelwell is thrilled that Bennett has committed his future to the club, adding: “Ryan has been a great addition to the squad since he arrived at Wolves last summer and we are delighted to offer him this new deal.
“He has had a huge impact on the club and we are thrilled that he has been able to take to replicate his performances in the Championship last season into the Premier League.
“He is an incredibly consistent performer and you can always guarantee him to give 100 per cent in everything he does.
“Ryan’s commitment to the club, together with his professional attitude both on and off the pitch has made him a very popular member of the Wolves family.”