The versatile 26-year-old joined the Spireites in 2009 and was an ever present last season, making 47 appearances, scoring two goals.
Fears of Talbot moving on were removed, however, when he signed the new deal that will keep him at the Derbyshire side until 2015.
He said: "There was interest from other places but my first choice was here because I've been here for four and a bit years now and I feel like it is home.
"You can see the gaffer's passion and I've got full confidence that he's going to bring in good players."
Spireites manager Paul Cook added: "I think one of the most important things at a football club is that you don't lose players that you don't want to lose.
"He had the choice to go to another club but he believes in what we're doing and he's now decided to stay. We're absolutely delighted that he's staying."
Chesterfield finished two points outside the play-offs last campaign and will be targeting a promotion push next season.