The winger joined the club on a short-term deal last November before agreeing to remain for the rest of the season in January, featuring in 24 games.
Manager Mick McCarthy told the club's website: "We have resigned Hunty and we're delighted about that.
"He's a great character and is good to have around the place, not just for what he brings on the pitch but off it as well.
"The players took to him straightaway when he first arrived here last season. He's an experienced player who has played at the highest level and he will be a great asset to the squad."
Hunt has previously had spells with Reading, Wolverhampton Wanderers and Brentford.