The World Cup-winner's form has dipped in recent weeks, and he was dropped by England for last Saturday's defeat by Ireland. But he remains a class act at full-back, wing or centre.
He said: "I wanted to be part of a team that can be potentially the most successful in English club history.
"Additionally, I'm at a club that plays challenging and enjoyable rugby and I believe the European Cup is still within the grasp of the current Wasps squad."
Worsley, who has 49 caps, joined his England colleague by also penning a two-year deal and has expressed his delight at pledging his future to the club he joined as a 16-year-old.
"I'm over the moon to have signed. Wasps supported me as a kid, and helped me get to where I am today," said the 28-year-old back row.
"I'm looking forward to continuing to repay Wasps for that support with some committed hard work."
Flanker Johnny O'Connor ended speculation that he might return to Ireland by also agreeing fresh terms, while Mark van Gisbergen and George Skivington completed Friday's flurry of new contracts.