Carbutt, 30, is a forward who has spent time in Australia with the Tweed Heads Seagulls. He joined Doncaster in 2009.
“We’re pleased that Matt has decided to rejoin us for 2016,” said Hunslet director of rugby Darren Williams.
“He was just developing as a middle unit when he was at the club previously and he now has a number of Championship games under his belt and he’s matured into a seasoned professional.
“His attitude is first rate and he will be a welcome addition to our squad.”
Elliott has signed a one-year extension to his current deal.