General manager Dale Tallon announced the contract Friday. Tallon called Petrovic a dependable young defenseman who "plays the game with an edge and has grown into a strong shutdown defender."
Petrovic, 26, played a career-high 67 games last season for Florida, averaging about 15 minutes a night and putting up 13 points for the season. Tallon said the Panthers are looking forward to the 6-foot-4, 206-pound Petrovic taking the next step in his development.
A 2010 second-round pick, Petrovic has appeared in 228 regular-season NHL games and has five goals and 43 assists for 48 points.