The 38-year-old full-back, who won the 1999-2000 La Liga title with the club, helped his side win promotion back to the top flight last season, finishing second to Eibar in the Segunda.
Pablo has also won the Copa del Rey, Supercopa de Espana twice and UEFA Intertoto Cup, and made 26 league appearances last term.
The new contract sees Pablo enter a 16th season as a Deportivo player, having arrived from Las Palmas in 1998.
He has been capped 13 times by Spain and has 341 top-flight appearances to his name.
Deportivo have struggled in recent season, slipping into the second tier of Spanish football on two occasisons.
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