ESPN.com says the contract is for two years, $2.6 million.
Fayne's arbitration hearing was scheduled for Aug. 2. He had surgery to repair a ligament in his left wrist in June and could be out of action until November.
The 25-year-old played all 82 regular-season games, totaling 17 points. He played in all of the Devils' 24 Stanley Cup Playoff games and had three points with a plus-5 rating.
Fayne, selected in the fifth round (No. 155) of the 2005 NHL Draft, played 57 games in his rookie season of 2010-11.