Žarko Varajić (Serbian Cyrillic: Жарко Варајић; 26 December 1951 – 23 June 2019) was a Montenegrin basketball player and executive.

Growing up in Nikšić, Varajić pursued football in the FK Sutjeska youth system before fully devoting to basketball by switching to the basketball club within the same sports society — KK Sutjeska — and playing for its youth teams.

In 1970, eighteen-year-old Varajić joined KK Bosna, a club competing in the second-tier level of Yugoslav basketball.

During the summer of 1971, the club's head coaching post was taken over by the 24-year-old Bogdan Tanjević, who had just retired from playing.

The young squad led by a young rookie head coach, and with the new acquisition of 22-year-old Svetislav Pešić from KK Partizan, the only player on the roster to have previously played top-tier level basketball,[2] managed to gain promotion to the top-tier level Yugoslav First League.