Lightning general manager Steve Yzerman announced the signing Tuesday on the team's website. The deal pays Purcell $4.5 million annually through the 2015-16 season.
Purcell set career highs in goals (26), assists (41), power-play goals (eight) and game-winning goals (three) last season, and found himself playing on the Lightning's top line for much of the season.
The six-foot-two, 201-pound native of St. John's, N.L., led the Lightning with a plus-9 rating.
He had a Lightning season-high and career-best 11-game point streak from Feb. 21 through March 8, amassing seven goals and 11 assists during the stretch.
He also represented Canada at the IIHF World Championships, registering a goal and an assist in eight games.
Originally undrafted out of the University of Maine, Purcell was signed by Los Angeles as a free agent April 27, 2007. The Kings dealt Purcell to Tampa Bay on March 3, 2010 for centre Jeff Halpern and a 2010 third-round draft pick.