Phoenix also signed free agent goalie Thomas Greiss to serve as a backup to Mike Smith and re-signed unrestricted free agent forward Kyle Chipchura to a multiyear deal. Forward Lauri Korpikoski and defenseman Michael Stone, both restricted free agents, signed multiyear deals as well.
Stone re-upped for three years, while Korpikoski's deal is for four, according to a source. Korpikoski's contract is worth $10 million, the source added.
The Coyotes have been unable to afford top-line talent the past four years, hamstrung by the financial restraints of being run by the NHL.
With a new owner all but in place, the Coyotes made a big splash to open free agency by landing Ribeiro, one of the most sought-after forwards on the market.
"Since I came here six years ago, we've been searching for a playmaking center iceman, someone who could make his wingers better," Coyotes general manager Don Maloney said. "Certainly, Mike's skill set, his ability to pass the puck, vision on the ice was an area we had ideally been looking for, so to be able to bring him to the desert is a really good day for us."
The 33-year-old Ribeiro has been a consistent scorer during his 14-year career, topping 50 points in a season eight times. He had 49 points, including 36 assists, in 48 games with Washington last season.
Ribeiro played three seasons under Coyotes coach Dave Tippett in Dallas and spent six seasons with Montreal after the Canadiens picked him in the second round of the 1998 NHL draft.
The Coyotes took a big step toward stability this week when the Glendale City Council approved an arena-lease agreement with prospective owner Renaissance Sports and Entertainment.
Headed by George Gosbee, Anthony LeBlanc and Daryl Jones, RSE still needs to complete the lease agreement with Glendale and its purchase of the Coyotes by Aug. 5 but already has loosened the purse strings for the front office.
Landing Ribeiro was the biggest move, but locking up some of the team's own players also was key, particularly since it had struggled to do that in the past with the NHL running the organization.
The 27-year-old Chipchura gave the Coyotes toughness and skill on the fourth line, with five goals and nine assists last season.
Korpikoski, 26, has developed into a solid playmaker on the left wing, scoring 40 and 37 points the previous two seasons before dropping to 11 during the lockout-shortened 2013 season while battling injuries.
The 23-year-old Stone spent most of the 2011-12 season in the AHL but developed into one of Phoenix's best defensemen in the second half of the 2013 season, finishing with five goals and four assists.
The Coyotes are hoping to re-sign restricted free agent forward Mikkel Boedker.
Information from The Associated Press was used in this report.