"Willo is vastly experienced, and I'd like our young crop of exciting players to learn a lot from him," Dons boss Stuart Murdoch told the clubs official website.
"He's a great pro and will be a massive influence for us next season. It's no reflection on Ben Chorley at all that Mark has taken over from him as skipper. Ben did a great job under difficult circumstances, but he is still young and his time will come again.
"I was delighted that Mark agreed to stay with us, he still has a great hunger for the game and will lead us by example."