The deal is worth $660,000 at the NHL level or $65,000 at the AHL level.
The 23-year-old restricted free agent played for the Milwaukee Admirals in the American Hockey League last season. He was second in the league in wins (31) and shutouts (five) and posted a 2.17 goals-against average.
He was selected by Nashville in the second round (No. 54) of the 2007 NHL Draft.
I've got a lot of experience and there's a lot of young guys. It's even making me excited a little more. It's kind of a new life. At my age, I feel like I know a lot of things what to do, but I just cannot do it anymore. It's a lot easier to tell them what to do because they've still got the legs and hands to do it. I just know things, but I cannot do them anymore.
— Jaromir Jagr after making his Panthers debut in a win against the Sabres on Saturday