The midfielder was set to be the most important Essendon player to fall out of contract this year, but has quickly agreed to a new deal ahead of round one.
"I'm proud to play for this great football club, I've supported the Bombers since I was a young boy so to re-sign for a further three years, I couldn't be happier," Zaharakis said on Essendon's website.
"All parties were keen to settle my contract before round one and I’m looking forward to the season starting on Friday night and hopefully helping the team win our first four points of the season."
Zaharakis has enjoyed a strong and healthy summer heading into the 2014 campaign, after two injury-interrupted seasons since winning the Crichton Medal in 2011.
"As a playing group we're extremely excited about the progress we've made over the pre-season and if we continue to demand high standards from one another, I believe we have a really exciting future ahead of us," he said.
Coach Mark Thompson said he believed the 24-year-old's best football is on its way as Zaharakis grows into one of the club's most influential midfielders.
"I've been really pleased with the way 'Zacka' has prepared for this season, he has been a leader on the training track, he's been consistent during our practice matches and I hope he can carry his form into the season," he said.
"He's an extremely driven young man, he's a smart footballer and the most pleasing aspect is he still has his best football ahead of him."
After re-signing a number of key players last year in difficult circumstances, including captain Jobe Watson, Dyson Heppell, Jake Carlisle and Jake Melksham, much of the Bombers' list is locked in ahead of 2015.
Half-back Michael Hibberd, whose deal expires at the end of 2014, will be the next priority, with Heath Hocking and Jason Winderlich others to be out of contract at the end of the season.
The Bombers open their season against North Melbourne on Friday night at Etihad Stadium.
Twitter: @AFL_CalTwomey
