Carlton has been reunited with its 1947 premiership flag more than 25 years after it went missing.

The treasured piece of Blues history was returned to the club's spiritual home Princes Park on Thursday by a man only known as 'Macca' after it was found in a shed in the Victorian town of Eddington.

'Macca' and the 1947 flag. Credit:3AW

The amazing turn of events was confirmed by Carlton Football Club historian Tony De Bolfo on 3AW radio on Friday.

"It's unbelievable isn't it? But it has certainly happened," De Bolfo said.