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The back-rower had agreed to join the NRL newcomers for their maiden campaign but will now spend another year with Trinity before heading back to Australia.
Lipowicz enjoyed a dream spell at Belle Vue in the closing stages of last season, culminating in Grand Final success in just his sixth game.
The 24-year-old originally moved to Super League with Catalans Dragons, scoring eight tries in 26 appearances.
Director of rugby Ste Mills views Lipowicz as an important addition ahead of Wakefield's title defence.
"Getting Zac back for the 2027 season is a huge boost for the club as he offers great versatility to our squad," said Mills. "We all saw how valuable that was when he joined for a short stint at the end of last season.
"It's something we have been working on since that stint and we are delighted to get it over the line."
In a statement, Perth confirmed that Lipowicz had been given the green light to stay in Super League after approaching them about extending his time at Wakefield.
Bears head coach Mal Meninga believes another year with Trinity will be beneficial for all parties.
"Zac has built something at Wakefield this year and wanted the chance to continue that," said Meninga. "We weren't going to stand in his way.
"Another season of regular first-grade football in England will only benefit his development."