Former England under-17 player Clark joined the U's on loan in March last season, making nine league appearances for Shaun Derry's side.
The 20-year-old has yet to play a game for Hull's senior team.
"Max made a huge impression on us all last season, with not only his performances but his appreciation and appetite for our club," Derry said.
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League Two side Cambridge United have re-signed left-back Max Clark on a six-month loan deal from Hull City.