Hunt was a likely departure during January but no firm offers came in. Steve Coppell moved to secure the Irishman on a longer deal. His contract now runs until 2012.
"I've always said that I'm very happy here and signing this contract shows my commitment," Hunt told the club's official website.
"I'm determined to have a big impact in the next three months and help get this club promoted.
"The next seven or eight games are very important; we need to get as many points on board as possible by the end of March to put us in a strong position for the run-in."
Director of football Nick Hammond added: "I've been speaking to Hunty regularly throughout the transfer window and we are delighted to agree this new contract.
"He is a key member of our squad and we look forward to him playing a central role in our push for promotion back to the Premier League in the next few months."