Bruce Garrioch of the Ottawa Sun reported the deal is worth $900,000. Corvo, 36, played for the Senators for parts of two seasons from 2006-08. He was with the team when Ottawa reached the Stanley Cup Final in 2007.
Corvo had six goals and 17 points this past season for the Carolina Hurricanes. He has 89 goals and 300 points in 683 career games. He has reached double digits in goals three times, including 14 in both 2005-06 and 2008-09.
"Joe brings us a veteran defenceman that has a history of scoring points in the National Hockey League," general manager Bryan Murray said. "He is now one of seven defensemen that we have in the organization and we need depth -- or we needed depth -- and we certainly have that provided now in Joe. He has been here, he has an understanding of what it takes to play in this market now and, again, the most important thing with Joe is he's a veteran guy that can play on the power play, he can shoot the puck well, address some of the needs that are needed in the League today where you need to get points from your back end and he's one of those people that can provide it."
This is not the first NHL return for Corvo -- he just completed his third stint with the Hurricanes in 2012-13.