The 35-year-old hooker said he could retire after the Storm were beaten by the Sydney Roosters in last year's NRL Grand Final.
Stalwarts Billy Slater and Ryan Hoffman both called time on their careers at the end of last season after Cooper Cronk had departed for the Roosters following the 2017 campaign.
Storm legend Smith will not be following the trio out of the door, though, after agreeing a new deal which is set to see him become the first NRL player to reach the 400-game milestone.
Always. Proud. Forever. Storm.
— Melbourne Storm (@storm) January 9, 2019
"I'm very happy to be continuing my career with the club that gave me an opportunity to play first-grade rugby league," said the former Australia skipper.
"With Bill Slater and Ryan Hoffman retiring last season, I want to give [head coach] Craig [Bellamy] and the coaching staff all the support they need, particularly with so much talent coming through."
Storm chief executive Dave Donaghy hailed Smith's loyalty after he extended his stay with the club.
"Cameron made it clear to us through the season he wanted to play on in 2019 but he saw it was more important to secure the future for the likes of Cameron Munster before him." he said.
"Being a one-club player is rare in footy these days and it's a credit to Cameron for sticking with us."
Photo Getty Images. Caption: Melbourne Storm captain Cameron Smith