Buckley turned 17 on Tuesday, and while he was too young to be recruited by Carlton this year, the Blues moved on the highly-rated youngster due to the draft concessions granted to Greater Western Sydney.
The new team is able to recruit a dozen 17-year-old players and Buckley was sure to be seriously considered.
The Blues may still be forced to up the ante to secure Buckley as clubs finishing below Carlton in 2011 could declare him a first-round target.
In that scenario, Carlton would be forced to use its first-round selection on Buckley to see him at the club.
Jim Buckley was just 16 when he debuted for Carlton in 1976. He played 164 matches for the Blues, including the 1979, 1981 and 1982 premierships, and also won the club's best-and-fairest award in 198 before being inducted into the Carlton Hall of Fame in 2000.
Carlton football manager Steven Icke said the club was rapt to have the Buckley name continue playing with the Blues.
“We are pleased that Dylan and his family have made this commitment," he told carltonfc.com.au.
"It is great that a famous Carlton name will continue at the Carlton Football Club and it is a real bonus to know that such an outstanding young player will be available to be recruited to Carlton at the end of 2011.
“Dylan is now able to concentrate on his schooling and his junior football with the knowledge that his football future is in place.”
Buckley said he was thrilled to have been given the opportunity to play with his father's old club, but admitted that he needed to keep developing for the Blues to actually select him.
“This does provide me with some certainty about my footballing future but I know there is plenty of work to be done," he said.
"Thankfully I will be able to tap into the resources of the Carlton Football Club to assist my development over the next two years."
Buckley senior said he said he was thrilled to have his son move to follow in his footsteps.
“It is fantastic to think that Dylan has a real opportunity to be a part of the Carlton Football Club and extend the family involvement with the Blues," he said.
"He is well aware that there is a lot of work to be done but everyone in the family will be supporting him to ensure he makes the most of this wonderful opportunity."
