Goodwin, 30, had been offered a pre-contractl by Hibs, but insisted he has no regrets about committing his future to the Buddies.
"I weighed everything up. I thought about how happy I am at St Mirren and how I enjoy coming to work every day," he said.
"I'm delighted it has been put to bed as it has been dragging on for a couple of weeks.
"St Mirren and the gaffer have made me feel very wanted and I owe them a bit of loyalty for giving me the captain’s armband and making me feel important.
"It was flattering to have the interest from Hibs. (Hibs manager) Pat Fenlon is a gentleman but I know I’ve made the right choice."
Goodwin joined the Iron from Stockport County in 2005, before leaving for Huddersfield on a Bosman transfer at the end of the 2008 season. He made 92 appearances in that time, scoring seven times.
After being released by the Terriers he joined Hamilton in September 2010, before moving onto St Mirren in January 2011.