The 29-year-old England international joined United from Tottenham Hotspur in 2006 and has played more than 200 games for the Old Trafford club.
Carrick built his reputation as an excellent passer of the ball but this season he has mainly been deployed in a more defensive midfield holding role.
"I am delighted Michael has signed a new contract," manager Sir Alex Ferguson said in a statement. "He has been outstanding since joining us. He is a true professional and it's great he has committed his future to the club."
Carrick, who started his career with West Ham United, has collected three Premier League winner's medals with Manchester United and helped them win the 2008 Champions League.
"I have thoroughly enjoyed my time at this great club," he said. "There is fantastic team spirit within the squad and I'm pleased to have committed my future to United. We are in a very good position at the moment and I am confident this team will be successful for many years to come."
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