"Bret is a mobile defenseman coming off a strong season with Carolina last year," general manager Brian Burke said in a statement. "He's a proven winner and class act, and we're pleased to add him to our roster."
ESPN.com's Pierre LeBrun reported the deal is worth $870,500.
The 38-year-old Hedican had two goals and 15 assists in 66 games with the Hurricanes last season, his sixth with the team. He began his NHL career with St. Louis in 1991 and has also played for Vancouver and Florida, scoring 54 goals to go with 234 assists in 988 career games.
Hedican appeared in all 25 playoff games for Carolina in 2006, when the Hurricanes won the Stanley Cup. He also reached the Stanley Cup finals with Vancouver in 1994.
Information from The Associated Press and ESPN.com NHL writer Pierre LeBrun was used in this report.