Baxter has been with the Chiefs for 12 years and played 297 games
Six Exeter Chiefs players, including skipper Richie Baxter, have signed new deals to stay at Sandy Park.
Baxter broke the club's all-time appearance record this season and could surpass 300 games for the club.
Three centres have also signed new deals - Tom Bedford, Bryan Rennie and Paul McKenzie have all committed themselves to the Chiefs.
Winger Matt Jess, who is currently recovering from a broken leg, and fly-half Gareth Steenson will also stay.
"All of these players are highly motivated to play Premiership rugby and believe they are in the right place to achieve their goals," said director of rugby Pete Drewett.
"We are delighted that these highly talented players have bought into the ambition of the club and see their futures with Exeter Chiefs," he added.
Number eight Baxter made his Chiefs debut in 1997 and has been with the club throughout his career.
Bedford, 20, has come back into the first-team fold recently having spent time on loan at Launceston earlier this season, the club from which 15-try Jess, a former England sevens international, joined last summer.
Steenson is National One's second-highest points scorer this season having hit 180 points while Paul McKenzie, who joined Chiefs from Ulster in November, has scored nine tries for Exeter and has also played on the wing and at full-back.