The deal is worth $4.4 million per year, a source told ESPN.com's Scott Burnside. It was one of the top offseason priorities for the reigning Southeast Division champions and eliminated the need for a scheduled Monday arbitration hearing.
Versteeg had career bests with 23 goals and 54 points last season, along with three goals and two assists in Florida's first-round series against New Jersey. He also had his first hat trick last season and scored 25 points in his first 20 games with the Panthers.
Versteeg has 88 goals and 201 points in 321 career NHL games with Chicago, Toronto, Philadelphia and Florida. He also was part of Chicago's Stanley Cup-winning team in 2010.
Information from The Associated Press contributed to this report.