The pair both arrived in France last year on one-year deals from Barcelona and Real Madrid respectively, and despite being thought to be considering retirement, have both extended their stays in the principality until June 2015.
"AS Monaco is pleased to announce contract extensions for an additional season for Eric Abidal and Ricardo Carvalho," read a statement on the club's official website.
"Having arrived at AS Monaco during the 2013 off-season on one-year contracts, Eric Abidal and Ricardo Carvalho were central in the 2013-2014 season.
"Today, the club announced that it reached an agreement with the players for a contract extension for an additional season.
"Eric Abidal and Ricardo Carvalho will stay with AS Monaco until June 2015."
Portuguese centre-back Carvalho featured in 40 matches for the club last season, while left-back Abidal earned 29 caps as Monaco finished second in the French League behind Paris Saint-Germain.
Meanwhile, the French club have turned down a possible deal involving out-of contract Barcelona goalkeeper Victor Valdes.
The 32-year-old, who has been on the sidelines since suffering a serious knee injury in February, was highly tipped to be joining Monaco, yet the club have decided against signing the Spanish shot-stopper due to his lack of fitness.
"Victor Valdes is injured and he won't join us,” Monaco vice-president Vadim Vasilyev said in a press conference.
The club are also reportedly in negotiations with European champions Real Madrid who are interested in the services of their star frontman Radamel Falcao.