Terms of the deal were not disclosed.
Chiarelli, 44, became general manager three years ago after spending two years as an assistant general manager with Ottawa. He was responsible for hiring current Coach Claude Julien, who has compiled a 94-48-22 mark over the last two years.
Last season, the Bruins went 53-19-10 and won the Northeast Division. They fell in the Eastern semifinals in seven games to Carolina.