Two days after restricted free agent and former No.1 draft pick Bryce Gibbs re-signed with the Blues for five more years, Carlton announced on Thursday morning that Yarran (a former No.6 pick set to come out of contract at the end of this season) had recommitted to the club.
Yarran's re-signing is a key one for the Blues as they look to regenerate under coach Mick Malthouse, and follows the new deals the club finalised with captain Marc Murphy, Andrew Walker, Kade Simpson, Michael Jamison and Dylan Buckley earlier this year.
Carlton football manager Andrew McKay said Yarran's versatility and pace made him an invaluable player for the Blues.
"Chris has worked really hard this year and is playing some of the most consistent football of his career. At only 23, his football maturity is starting to take shape," McKay said.
"He offers us some real versatility, while his pace adds an extra dimension and element of excitement to our team."
Despite Carlton's disappointing 2014 season to date, Yarran is confident the Blues have the talent to return to the upper reaches of the ladder soon.
"We've got a great group here and we know with some hard work we can get to where we want to be," Yarran said.
Yarran had an up-and-down 2013 season in Malthouse's first year at the helm, playing predominantly as a forward but has enjoyed a far better season this year.
Stationed regularly across half-back, Yarran has rediscovered the line-breaking run that makes him such a damaging player. The Blues' No. 13 has taken 48 bounces in 2014, more than double the next best Blue, Kade Simpson (22).
Yarran is also ranked third at Carlton this year for inside 50s, equal third for goals (13), equal fourth for goal assists and equal seventh for rebound 50s.
Carlton recruited Yarran from Swan Districts in the WAFL with pick six in the 2008 national draft.
Yarran said he had been made to feel welcome at Carlton as soon as he stepped through the front door at Visy Park.
"Carlton has been really good to me since I moved over from Western Australia," Yarran said.
"The club gave me an opportunity and I’m really thankful they want me to stick around."
Yarran debuted for the Carlton in round seven, 2009, and has now played 96 games and kicked 79 goals.