A source told ESPN.com that the nine-year deal is worth $51 million -- $10 million in 2011-12; $6.5 million in 2012-13; $8 million in both 2013-14 and 2014-15; $5.5 million in both 2016-17 and 2017-18; $2.25 million in 2018-19; and $1.25 million in 2019-20.
The Flyers acquired the rights to Brygazlov earlier this month from the Phoenix Coyotes. He was to become an unrestricted free agent July 1.
Bryzgalov, 30, was a Vezina Trophy finalist in 2009-10 and went 36-20-10 with a 2.48 goals-against average and seven shutouts last season.
Philadelphia won the Atlantic Division title last season with 106 points but lost in the Eastern Conference semifinals to the Boston Bruins -- who eventually won the Stanley Cup -- in a four-game sweep that did not sit well with the organization. In their 11-game postseason, Philadelphia used three goaltenders with little success: Sergei Bobrovsky, Brian Boucher and Michael Leighton.
Bryzgalov and his agent, Ritch Winter, spent two days last week in Philadelphia hammering out details of the contract and visiting the city.
"When you get a goalie you view as an upper-echelon goalie," GM Paul Holmgren said, "you know you have to pay him."
Pierre LeBrun covers the NHL for ESPN.com. Information from The Associated Press was used in this report.