Waite has played just 12 games this season, but has struck form in the past two rounds for the Blues, kicking four goals against North Melbourne and three in last week's loss to Fremantle.
The news comes as forward Lachie Henderson faces missing the rest of the season with a fractured eye socket.
Blues football operations manager Andrew McKay said the club had started discussions with Waite for a new deal.
"He hasn't put pen to paper yet but we're in negotiations at the moment," McKay told SEN on Tuesday morning.
"Jarrad's made it clear to us that he wants to stay at Carlton. We'd like to keep him for another year at least. We're in negotiations with Jarrad, and I'm sure that'll work itself out over the course of the next month or so."
There has been interest in the 31-year-old, and as an unrestricted free agent he could cross to any club without the Blues being able to match a rival's contract offer.
Even still, McKay believes Waite's history at the club – he has played 180 games and kicked 243 goals since making his debut in 2003 – will see him remain at Visy Park if a longer deal is offered elsewhere.
"Jarrad's been at Carlton for a long, long time now and I'm sure he feels as though he's a Carlton man, so we've probably got the upper hand [over other clubs] there to a degree," he said.
"Certainly we need to make sure all parties are satisfied with any deal that we propose."
Meanwhile, a kick in the Blues' form towards the end of the season could have an impact on Chris Judd's decision about his future.
The champion midfielder had 22 disposals and one goal against the Dockers, but is yet to announce whether he will play on into next season or retire.
"Juddy hasn't made up his mind as far as we're concerned. Probably a couple of weeks ago, when we weren’t playing as good footy, I imagine he would've been thinking that retirement's not too far away," McKay said.
"But we're playing a little bit better footy now and he's actually obviously playing pretty well.
"He hasn't come to us with a decision either way and we'll leave that decision to him."
Twitter: @AFL_CalTwomey