Talbot was set to become a free agent at the end of June but the versatile 26-year-old will now remain at the Proact Stadium until the summer of 2015.
Former Sheffield Wednesday trainee Talbot joined the Spireites from Luton, initially on loan, in 2009 and his hard-working performances have made him a favourite among Blues fans.
Goalkeeper Tommy Lee is also pleased to see his team-mate stay, saying on Twitter: "Made up Drew has signed, proper player.
"He can play anywhere, but as a full-back there isn't many better. Fantastic bit of business."