A source told ESPN.com's Pierre LeBrun the deal is worth $1.1 million.
The contract is a low-risk, potentially high-reward signing for Habs general manager Marc Bergevin. Though the 31-year-old Semin possesses skill and offensive acumen, his production declined greatly in 2014-15. He finished with just six goals and 15 points in 57 games with the Carolina Hurricanes and was a healthy scratch on numerous occasions.
Bergevin said Friday that Semin is "a pure goal scorer with a good shot" who will "strengthen our offensive production and our power play."
Semin, who inked a five-year, $35 million deal during the lockout-shortened 2013 season, was bought out earlier this month. Under terms of the collective bargaining agreement, Semin is owed $14 million -- two-thirds of the amount remaining on his contract -- over six years. He had three years left on a deal that paid him $7 million annually.
Though Semin's value has been widely debated, his past numbers are enticing for a team looking to bolster offense. The native of Krasjonarsk, Russia, has scored 20 goals or more in seven NHL seasons and recorded 40 goals and 84 points during his 2009-10 campaign with the Washington Capitals.
Information from The Associated Press was used in this report.