Semin, 29, ranks second on the team with 30 points (8 goals, 22 assists) this season for the Hurricanes, who are 15-13-2 this season.
Semin spent the first seven seasons of his NHL career with the Washington Capitals and has scored 205 goals and 233 points in his career.
The team signed Semin to a one-year contract worth $7 million last offseason.
“We’re very happy to retain Alex,” Carolina president and general manager Jim Rutherford said. “Alex is an elite player and has been a major contributor to the Hurricanes having a very strong top line.”