The 31-year-old rejected approaches from several rival clubs and admitted he is keen to bring more silverware to Welford Road.
"I had a few offers but I didn't really go out with the intention of shopping myself around," Chuter said.
"At Leicester we've still got unfinished business in terms of winning trophies and we don't want to rest on what we did last year.
"Getting to three finals was great but everyone's still hungry for more trophies.
"I don't have that need to go elsewhere because there's still a lot I can achieve at Leicester."
Chuter, capped 19 times, made his Leicester debut in 2001 after he joined from Saracens and has amassed 141 appearances for last season's double winners.
Since the World Cup he has slipped behind Mark Regan and Lee Mears in the England pecking order, but Tigers forwards coach Richard Cockerill insisted he is a key figure at Welford Road.
He said: "George is a world-class player and we're delighted that he's decided to stay with us.
"I know he's had a lot of interest from other clubs but he's been with us for seven years now.
"With the recent re-signings of Marcos and Castro, it keeps good front row continuity at the club and that's what we want."