The good news for the green machine comes alongside a blow, with English-born forward and three-gamer Harry Rushton to depart the club immediately on personal grounds.
The 20-year-old joined the Raiders ahead of the 2021 season and has impressed in limited opportunities, with more game time likely on the radar for 2023 had he remained at the club.
However, the club confirmed his release on Friday afternoon.
The re-signing of Savage is an enormous boost for the club though, who recently let Charnze Nicoll-Klokstad return to the New Zealand Warriors for the 2023 season, with the New Zealand-born fullback having a year to run on his contract at Canberra had he not asked for the release.
The departure of the 2019 grand finalist means Savage has been earmarked to take over the number one jumper permanently in 2023, something he has done at the back-end of this season following an injury to Nicoll-Klokstad.
The run to the finals is now well and truly underway, and the Raiders are an outside chance of scraping in, although will likely need to win four from four during the final stretch of the season and have other results go their way to overthrow the Sydney Roosters, who currently sit in eighth spot.
The news surrounding Savage comes as the club also grapple with the re-signing of Joseph Tapine, who has quickly turned into one of the game's best props.
Savage has played 13 games this year, taking his overall tally to 16, however, after missing all of the first five rounds he has only missed two games since, and has only played three from the bench all year in what has been a revolving door leading to the number one jumper in the nation's capital at times.