The 28-year old, who played a key role in the title-winning 2019 campaign, rejoined Thunder last year and provided strong leadership on and off the court.
Malcolm, who has 25 caps to her name, is Thunder’s first signing for 2020 since the signing window opened.
At 5 foot 9 inches, the Wolverhampton born player can play at centre, wing defence and wing attack.
Malcolm has also played for Severn Stars although her major VNSL honours all came at Manchester Thunder, winning the competition in 2012, 2014 and 2019.
She said: “After what was an incredible season, I can’t wait to be back at Manchester Thunder for the 2020 campaign.
“The atmosphere from the crowd at some of our games this season was the best I’ve ever experienced and I’m looking forward to getting on court in front of the crazy Thunder fans again.”
Thunder’s Director of Netball Karen Greig added: “I am delighted Laura has re-signed with Thunder for the 2020 Vitality Netball Superleague season. She proved last season to be a huge asset with her ability to cover all three centre court positions.
“She is an incredibly hard-working athlete, both on and off the court, and after her well-deserved inclusion in the full-time Roses programme, I am excited to see Laura develop further for her country and for us here as we look to defend our title.”