The 38-year-old veteran joined the club in 2009 and has since helped them win four major pieces of silverware, including two back-to-back British Basketball League (BBL) Cups in 2010 and 2011, the 2013 BBL Trophy, and the 2016 BBL Play-off Final, when he was crowned most valuable player.
The power forward, who hails from Toronto, Canada, has captained Sheffield Sharks since 2012.
There had been uncertainty over Tuck’s future after head coach Atiba Lyons said Sheffield needed to look at “transitioning from the Mike Tuck era to another realm” following last season’s Play-Off exit, but he has since been spotted training at the team’s Ponds Forge base.
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“I’m extremely lucky to still be playing the game I love and will always be grateful to the Sharks for providing me with the opportunity,” said Tuck.
"The past two seasons have, by far, been the strangest in my career due to COVID, so I am looking forward to returning to some sort of normality in the upcoming one.”
Tuck is the first player to commit to Sheffield Sharks for the 2021/22 season, which is expected to get underway on the first weekend in October.
Head Coach Atiba Lyons confirmed more additions are on the way.
“Having Tuck back helps build that solid foundation,” he said.
"We have some exciting announcements to make in the coming weeks and can’t wait to get back out there in the upcoming season.”
Sheffield finished fifth in the BBL Championship last season and exited the BBL Play-Off in the first round at the hands of eventual winners Newcastle Eagles.
Lyons previously told The Star he is anticipating a busy off season as he bids to improve on that showing.
He said: "We have got to try and strengthen the roster a little bit, it will be a summer with a lot of work.”
The BBL has also confirmed both Plymouth Raiders and Worcester Wolves have withdrawn from the franchise ahead of the 2021/22 season.