The 18-year-old has spent the end of the last two seasons with the Herd in the English Premier League, having been loaned from Elite League outfit Coventry Blaze.
The teenager certainly added some more depth to the blue-line brigade when he arrived at the end of January, with his first game back being the 8-3 victory in the EPL Cup semi-final against Guildford.
The Great Britain under-20 international is one of the top young defencemen in the country and is sure to benefit from a full season in the EPL.
Bison player/coach Doug Sheppard is pleased to have another member of his double-winning side back and said: “I am really pleased to have signed Matt for a full season and I think it will help his development playing plenty of minutes.
“He is a physical player, who brings a lot of energy to the team and is solid on the blue line.”
Selby is looking forward to pulling on a Bison shirt for a full season and said: “I wanted to commit early on and stay with the Bison as I really enjoyed last year.
“I have been training hard already as I really want to do well this season and show the Bison fans there is lot more to my game.”
There is also a departure from the Herd this week as 16-year-old Danny Ingoldsby has left for pastures new in the search of more ice time.
The forward was part of the young Brit line last season and Bison boss Sheppard has wished his young gun well and said: “It was a pleasure coaching Danny and there is no question he’s got a bright future in this sport but, right now, the best thing for him is to get more ice-time.”
Sheppard added: “This does not diminish our commitment towards developing the future of our sport.
“Young players were a vital part of our success last season and will be again this campaign.”