It's a show of faith in the 28-year-old, who's fearlessness for the footy has taken a heavy toll on his body.
Hodge follows former skipper Sam Mitchell in signing a contract extension but forward Lance Franklin - who has said he won't agree to a new deal until the season is over - remains the club's biggest contract challenge.
"We've got a number of guys we'd like to sign on, hopefully this gets the ball rolling and we'll get a few more in the next few weeks," Hodge told Seven News.
Hodge said it wasn’t a hard decision to stay on.
"A couple of weeks ago I went to the club and said do you want to get something going. They were keen to.
"I wasn't going anywhere; it was quite a simple decision.”'
Hodge is hopeful 2014 won't be his last year in the AFL.
"My body actually feels pretty good .. so looking for a few more seasons yet," he said.
Hodge made a successful return from off-season knee surgery in the Hawks 50-point win over West Coast in Perth on Sunday.
The defender had 25 disposals and laid four tackles in the victory.
Hodge has played 206 games since making his debut in 2002.
Matt Thompson is a reporter for AFL Media. Follow him on Twitter @MattThompsonAFL