Essendon will receive Setterfield and Pick 68 in exchange for a future fourth-round pick, with the paperwork lodged on Monday.
Setterfield managed 13 games for Carlton in 2022, his fourth year at the club, averaging 16.5 disposals per match.
Originally drafted by GWS with Pick 5 in the 2016 National Draft, Setterfield managed just the two games in orange and charcoal across two seasons before making his way to the Blues.
Trade paperwork lodged.
Carlton trade Will Setterfield and its Round Four Selection (68) to Essendon for its Future Fourth Round Selection.
— AFL House (@AFL_House) October 10, 2022
The 24-year-old has played 57 games at senior level.