The 35-year-old swingman played 16 games for the Nuggets this year and is a veteran of 139 National Basketball League games.
His aggressive offence, outside shooting game and solid defence have, in the past, made him a marquee player in the league.
But a lack of fitness combined with a new role starting from the bench held Polyblank back this season. He was not able to have the same impact on the league but is determined to regain his fitness and form.
''I really want to have a strong year next year,'' he said in a press release.
''Whilst I was happy that we made it to the playoffs last year, personally I feel that I have a lot more that I can offer the team.
''I was not in the shape that I needed to be in this season and my focus is to be back in optimum condition so that I can play my natural game.''
Polyblank averaged 7.4 points and 4.1 rebounds. It was not a fair reflection of his talent.
He got better as the season progressed and showed what he is capable of in the semifinal against the Nelson Giants. He scored 17 points and created some mismatches.
''Brendon is the kind of player that can cause real headaches for the opposition,'' Basketball Otago general manager Markham Brown said.
''He can play inside and outside, so if he is guarded by a guard he can post them up, like he did very effectively against the Giants. And if a big is put on him he can take them outside where he is very adept at the three-point shot, or creating plays off the dribble.''
Off the court, Polyblank has been a real asset. He is popular with his team-mates and has shown strong leadership.
''He is also a great coach at age-group level,'' Brown said.
''He guided the St Kevin's College senior team to a New Zealand small schools national title.
''He has been able to help guide and teach his team-mates as well and we are very lucky to have someone of the calibre of Brendon - an ex-Tall Black and player who has played at a high level overseas for many seasons - around our young players.''
The Nuggets are expected to make further player announcements this week.
