Throughout the summer transfer window, there was constant speculation that the 31-year-old may leave Molineux to become third-choice stopper at Arsenal.
However, the Gunners failed to put forward an acceptable bid for the homegrown talent, who has subsequently stayed put in the West Midlands despite Wolves bringing in Sam Johnstone as their new number one.
Bentley has dropped down to third choice, remaining behind Jose Sa in the pecking order, but he has accepted the opportunity to pen a new long-term deal.
A contract until the end of the 2026-27 campaign has been penned, with there also being the option for a further 12 months.
"He has always wanted to stay"
While there were suggestions that Bentley was interested in making the switch to the Emirates Stadium, and back to a club that he represented during his childhood, Wolves sporting director Matt Hobbs insists that the goalkeeper always wanted to stay put.
Hobbs told the club's official website: "Everyone is aware of the interest for Dan in the summer, but he has always wanted to stay here.
"There was going to be an inevitability behind this deal even before the interest came, but we just felt it was the right thing for us to do - to show him we have the same faith in him than another club would.
"It's a new deal for him, and with it, he and his family know that they're settled for the future and he knows he's appreciated by the football club because he plays an important role for us, both on and off the pitch.
"He is one of those characters you can rely on and has a huge amount of league experience. Obviously, he's not as experienced in the Premier League, but he's able to step in and produce when he's called upon. That mentality he offers is really important."
Lembikisa finds new loan club
Dexter Lembikisa impressed during a loan stint at Hearts last season and has since progressed into an established player in the Jamaica squad.
The 20-year-old may, at one stage, been considered for an opportunity in the senior squad, but the acquisition of Pedro Lima put paid to that.
Lembikisa will now spend the campaign at Swiss Super League side Yverdon Sport, looking to add to the 49 senior appearances that he has made at Wolves, Rotherham United and Hearts.
Yverdon currently sit in eighth position in the standings having collected just five points from their opening six games.