Carter was also named the MVP of the league and joins Racing as a medical joker following the unfortunate early retirement of Springbok outhalf Pat Lambie due to concussion.
"He wanted to come back, we wanted to have him back, we came to an agreement very quickly on financial conditions", he said.
Carter won the World Cup twice with New Zealand in 2011 and 2015 in a 112-Test career spanning 12 years after he made his debut in 2003.
The World Cup victor won the Top 14 title with Racing in 2016, and also helped them to two European Champions Cup finals in 2016 and 2018. He also enjoyed three Super Rugby titles with the Crusaders.
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Carter's previous spell in France was tarnished on two occasions.
"Excited to be joining my Ciel et Blanc brothers for the remainder of the Top 14 Season in France", Carter posted on Instagram on Monday.
Former All Blacks scrum-half Tawera Kerr-Barlow scored a pair of tries, crossing for the match-winning effort on 75 minutes as La Rochelle overcame a 21-point haul from the hosts' Gaetan Germain.