Close has played all eight games for the Cats so far this season, averaging 13 disposals and 1.3 goals.
The premiership Cat was drafted to the club in 2019 as a mature aged recruit, going on to make his debut in Round 8, 2020.
“Brad has put in the hard work throughout his career, he is a great all-round player who is crucial to our forward mix and also brings a great defensive mindset to his game,” Geelong's list manager Andrew Mackie said.
“Brad's such a valuable player to our system, he is a great teammate and will only continue to improve further.”
“It was great to see Ollie come into the senior side on the weekend, he has great skills for a player who came to footy late, he has the versatility to play in a number of positions and continues to show great ability,” Mackie said.
“We are thrilled to have both Brad and Ollie re-commit for two years and look forward to them continuing to evolve and develop as players.”