The 39-year-old scored 1,298 runs in all competitions last season for the county.
Chanderpaul is set to tour India and New Zealand with the West Indies, but will then return to Derby ahead of next season.
"I've really enjoyed my first year with the club," Chanderpaul told Derbyshire's official website.
"Everyone, the players, coaches and staff have all made me feel welcomed and I'm happy that I am returning for a second year. We have got a lot of talented guys here.
"The young guys who came in all did well. They have all developed their games this season and with the experience gained they should be firing next year. But you can say that about all the guys."
Derbyshire were relegated from Division One of the County Championship last season.