The 23-year-old featured 24 times for the Spireites during a loan spell at the beginning of last season, netting seven goals.
He later spent time on loan with League One side Leyton Orient, where he scored three times in 17 appearances.
“I’m absolutely delighted — it honestly feels like coming back home,” Markanday told the club’s official website.
“I’m at my happiest when I’m playing football, and there’s no better place than here to allow me to do just that.”
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