He is now looking forward to reporting back for pre-season training on July 1 as the club start their preparations for life in the top flight.
Teale told the Evening Post: "There was never any doubt that I would accept the contract offer and it was just a case of waiting to get round the table.
"This is an exciting time for both the club and myself so I wanted to be part of it.
"Playing in the Premiership is a dream come true and as a professional footballer, that's where you want to be – at the highest level.
"This club has come so far in such a short space of time which is all credit to the gaffer who has moulded together an excellent squad.
"My debut for Wigan was at Oldham but soon we'll be playing against Manchester United, Chelsea and Liverpool.
"We're all determined to enjoy the Premiership and of course the main aim will be to stay up.
"Finishing fourth bottom would be a massive achievement and anything above that would be a bonus.
"The games against the big clubs take care of themselves and we will be in a mini-league battle with the other two promoted clubs together with a few of the others who finished lower down the Premiership last time."
It's more than a month since Latics revealed they had offered Teale a new contract, and the time it has taken for the deal to be agreed had led to speculation he might be looking elsewhere.
But it was only on Tuesday the Scotsman and his agent – former Manchester United defender Kevin Moran – got to the negotiating table.Teale, 27, said: "As soon as the offer was made I knew I would sign it.
"However, I've been away on holiday, so have people at Wigan, and it was very straightforward once we got together.
"I was never going to leave a club about to go into the Premiership.
"I've already started my preparations, doing some weights and general exercise ahead of pre-season training.
"Once we report back we've got six weeks of hard work before the first game, and I'm sure that time with fly past."
Teale is approaching a century of league starts for Latics since signing from Ayr for £275,000 in December 2001.
Last season he made 30 starts and nine appearances from the bench, but his form tended to be up and down.
Jewell, though, believes there is a role for the winger in the Premiership and was keen to get him signed up.
Teale is the second Latics player to accept a new contract, following Gary Walsh's decision to sign a 12-month coaching and playing deal.
Steve McMillan looks set to follow their lead when he returns from holiday but Jason Jarrett is likely to turn down a three-year deal in favour of a Bosman move to Norwich.
Canaries manager Nigel Worthington has denied, though, that Jarrett's signing is already done and dusted.
Dismissing reports the deal would be done by the weekend, he said: "Jason Jarrett is a player we have watched on occasions and we admire the way he plays. But other than that there is nothing else to say at the moment.
"At this time of year it's always the same, there's lots of speculation surrounding all sorts of people, but there is nothing to report at present."
Jarrett is away on holiday at the moment and were he to sign for Norwich, it would only be done on July 1 when his contract at Wigan ends.