Tanguay, one of the higher-profile players remaining on the unrestricted free agent list, has agreed to a contract with the Tampa Bay Lightning, TSN and RDS are reporting.
Terms of the deal, which is contingent on Tanguay passing a physical, were not released.
"He's a hard-working guy, a good guy and you never have enough of those guys, Lecavalier said Saturday. "I played with him in the world juniors (in 1998). I'm happy he's part of it."
Tampa had begun negotiating with him in July, but some campaigning by Lecavalier and Martin St. Louis helped influence his decision to sign.
"All the guys I talked to who played with him said he's unbelievable," added Lecavalier. "He's going to bring a lot of offense to our team.
The 29-year-old left wing is coming off an injury-plagued season in which he registered 16 goals and 41 points in 50 games for Montreal. Tanguay suffered a separated shoulder in a Dec. 30 game against the Lightning after being checked hard into the boards by Evgeny Artyukhin and missed 28 games.
Tanguay was the 12th selection in the 1998 NHL Entry Draft by Colorado, and he helped the Avalanche to the 2001 Stanley Cup with a two-goal performance in Game 7 of the Final against New Jersey. He moved on to Calgary in 2006 and spent a pair of seasons there before he was dealt to Montreal at the 2008 draft for first- and second-round draft picks.
In 659 career regular-season games, Tanguay has recorded 193 goals and 580 points. He has been a plus player in each of his nine NHL seasons and is an impressive plus-157 for his career. Tanguay has reached the postseason in each of those seasons, adding 19 goals and 59 points in 98 games.