"The club have been very good to him and he has shown huge loyalty in return in wanting to stay here. This is where he is at home, the supporters love him and we're looking forward to getting him back out on the pitch in the near future."
Tuilagi has been sidelined since last October but rumours have swirled in recent months about which club he would sign with, and Cockerill revealed "obscene offers" were thrown his way.
But Tuilagi opted to remain with Leicester, who provided tremendous support throughout a year blighted by a horror run of injuries and a guilty verdict of assault.
"Tigers have been a big part of my life and following my brothers into the team here was a very proud moment for me," explained Tuilagi.
"I'm very settled here and the club have been very good to me.
"The way the team has been playing this season is very exciting with Aaron Mauger as head coach, and that's another reason I'm looking forward to getting back out on the pitch."