Corvo, 36, returns to the Senators after playing for the Washington Capitals, Carolina Hurricanes and Boston Bruins. He was previously with Ottawa in 2006-07 and 2007-08 and was on the Senators team that went to the Stanley Cup final.
The Senators acquired right-winger Bobby Ryan from the Anaheim Ducks last week as part of an effort to replace captain Daniel Alfredsson. On the blue-line, Ottawa must make up for the loss of veteran Sergei Gonchar, who was traded to the Dallas Stars.
Corvo had six goals and 11 assists in 40 games for the Hurricanes last season. In 689 career NHL games, Corvo has 89 goals and 211 assists.
The deal is reportedly worth $900,000.