The Flyers have agreed to terms with veteran defenseman Mark Streit on a four-year, $21.5 million deal, a source confirmed to ESPNNewYork.com.
The news was earlier reported by TSN.
With Philadelphia's salary cap situation, Streit's deal will not become official until the Flyers exercise their two compliance buyouts this summer on Ilya Bryzgalov and Danny Briere, the source said.
The New York Islanders traded Streit to Philadelphia last week, giving the Flyers exclusive negotiating rights with the veteran defenseman before he became an unrestricted free agent in July.
The 35-year-old Bern, Switzerland native, who had six goals and 27 points in 48 regular-season games for the Islanders, is coming off a five-year, $20.5 million contract.
In exchange for Streit, the Flyers sent back a fourth-round draft pick in 2014 and 24-year-old minor-league winger Shane Harper.
Streit's departure from the Islanders also makes it appear imminent that 22-year-old superstar center John Tavares will be named New York's captain before the 2013-14 season.
Information from ESPNNewYork.com's Katie Strang was used in this report.