Duguid said the appointment of Peter Reid as the Pilgrims new boss was instrumental in his decision to stay.
He said: "The manager's been named now and I think it's a great appointment. It is a good coup for the club."
He added: "There were a lot of names in the frame before Peter's was mentioned and I immediately like the sound of that."
The experienced midfielder also said he was excited by the prospect of returning to his old-club Colchester next season.
"It will be nice to go back, see a few friends and, hopefully, get one over them."
Source: BBC Sport
Source: BBC Sport