The 29-year-old missed the second half of last season after dislocating his right shoulder in a Friends Life t20 game against Nottinghamshire in July.
But Leicestershire have kept faith in Naik, who had also missed most of the 2012 season with knee and ankle problems.
He said: "I'm delighted that Leicestershire offered me a contract and I am looking forward to the 2014 season already.
"I want to take a lot of wickets and have success as a team at Leicestershire. We are all working hard to make sure we have a good season."