The former Fulham and Aston Villa defender, 33, joined the Trotters in 2009 and has made over 130 appearances in a white shirt.
"Zat Knight is someone I believe can lead the club," Freedman told the club's official website. "He leads by example both on and off the pitch and is very good around our younger players.
"There were two or three players I could have selected for the role, and Zat is one of those whose experience and leadership skills certainly fit the bill."
- Sports & Recreation