The 32 year old is currently out for six weeks recovering from an Achilles injury.
But Carrick has impressed boss David Moyes in his 10 league appearances this season.
"He is an exceptional man and a true professional," Moyes said.
"The club has gone through a few changes and working under David Moyes has been fantastic," said the former West Ham United player.
"I have won many trophies in my years playing here and I am looking forward to achieving more in the future."
Moyes added: "I am delighted Michael has extended his contract.
"During my short time at the club it hasn't been hard to notice that Michael is a great reader of the game and has excellent passing ability."
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