Nick De Luca will remain with Wasps until the end of the season, before retiring to launch a career in coaching.
The former Scotland centre joined Wasps in the summer on a short-term deal, but has now agreed an extension until the end of the current campaign.
The 43-cap midfielder almost retired after leaving Biarritz, but opted instead to join Wasps, and will become Uppingham School's director of rugby in June.
"We are pleased Nick will be staying with us for the rest of the season; he is a model professional who has done really well each time he has pulled on the Wasps shirt," said Wasps rugby director Dai Young.
"He has a great attitude and adds a lot to the squad through his international experience."
De Luca will complete an MBA from Heriot-Watt University, to add to his sports science degree from Edinburgh University, before joining Uppingham. The 32-year-old will also teach economics and business studies at the prestigious public school.
"I am delighted to have extended my stay at Wasps, which was my main goal when I arrived in pre-season, and I really appreciate Dai Young backing me with this contract extension," said De Luca.
"It's a great group of players and coaches here at Wasps, the environment is world class and I am thoroughly enjoying being part of this squad.
"I look forward to playing my part over the coming months and to seeing what we can achieve this season."
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