Raymond, with the Maple Leafs on a professional tryout, leads the team with four points in three preseason games.
"Based on Mason's play in the preseason, we feel he fits in well with our group and will have a significant role on our team," general manager Dave Nonis said. "We agreed to terms over the weekend and look forward to him making a strong contribution this season."
The 28-year-old had spent the past six with the Vancouver Canucks, who selected him in the second round (No. 51) of the 2005 NHL Draft. He had 10 goals and 22 points in 46 games last season and added one goal and two points in four Stanley Cup Playoff games.
Raymond sports career totals of 80 goals and 178 points in 374 regular-season games and eight goals and 18 points in 55 postseason contests.