Twenty-year-old George Bell has also agreed to fresh terms to remain at Emirates Old Trafford until the end of the 2024 season
Lancashire have confirmed new one-year deals for Tom Bailey, Luke Wells and George Bell.
The trio have all committed to the Emirates Old Trafford club until the end of the 2024 season.
Bailey, Wells and Bailey were all part of the sides that reached last season's Royal London Cup and T20 Blast finals and finished second in LV= Insurance County Championship Division One.
Bell made his senior debut across the formats in 2022 (Stu Forster/Getty Images)
It was another standout campaign for academy graduate Bailey, the club's leading wicket-taker in the Championship for the third straight summer with 52 scalps at 22.61.
Wells, who has played 63 matches across formats since being released by Sussex, has hit 2,331 runs and taken 38 wickets for Lancashire since the start of 2021.
Last season was a breakthrough campaign for wicketkeeper-batter Bell - a member of the England side that reached the Under-19 World Cup final - who debuted in all three county competitions last summer.
It has already been a busy summer at Emirates Old Trafford, following contract extensions for Jos Buttler and Steven Croft (Nathan Stirk/Getty Images)
Director of cricket performance Mark Chilton said: "We are really pleased to tie down three more important players until the end of the 2024 season.
"Tom Bailey and Luke Wells have been hugely consistent performers for us and will continue to play a key role in our quest for silverware in the seasons to come.
"We have all been really happy with the development of George Bell who looked right at home during his five First Team appearances last summer and we are excited to see him build on that."