The 34-year-old striker featured in 19 Barclays Premier League games last season, scoring once.
Ormerod is in his second spell at the club, having initially joined from Accrington in 1997.
He went on to make over 100 appearances for the Seasiders and his 62 goals in all competitions made him a firm fans' favourite.
Southampton paid ?£1.75million for his services in 2005 but he returned to the Lancashire outfit to play a key role in their promotion to the top flight at the end of the 2009-10 season.
His goal against Cardiff in the play-off final proved to be decisive as Ian Holloway's unfancied side secured a perfect finish to a remarkable campaign.
Source: PA
Source: PA