General manager Ron Francis said Thursday that the team and Gleason have agreed to a one-year, $1.2 million contract.
Carolina traded the 31-year-old defenseman to Toronto on Jan. 1 for John-Michael Liles and a prospect. The Maple Leafs placed Gleason on unconditional waivers this week for the purpose of buying out his contract.
Gleason -- who was originally acquired by Carolina in a trade with Los Angeles in September 2006 -- had signed a four-year extension with the Hurricanes in July 2012.
Francis says the Hurricanes "obviously know well what Tim brings to our team on and off the ice."
He had one goal, five assists and 65 penalty minutes in 56 games last season with Carolina and Toronto.
The Hurricanes also agreed to one-year, two-way deals with two minor leaguers.
Right wing Jared Staal -- the younger brother of Eric and Jordan Staal -- will make $550,000 at the NHL level or $65,000 in the minor leagues. Michal Jordan will make $550,000 in the NHL or $200,000 in the minor leagues with a guarantee of $225,000.