The Record reports the three-year deal pays an NHL salary of $842,500 per season for a total of $2,527,500.
"Stefan Matteau is a size and strength power forward who we consider to be one of our top prospects," Devils general manager Lou Lamoriello said.
Matteau, 18, joins the Devils' organization after spending the past two seasons with the United States Development Program. Earlier this month, he attended USA Hockey's Under-20 Junior Evaluation Camp in Lake Placid, N.Y.
The 6-2, 215-pound forward skated in 46 games for the Under-18 squad in 2011-12, tallying 15 goals, 17 assists and a team-leading 166 penalty minutes. He played for Team USA's Under-17 team in 2010-11, notching seven goals, 11 assists and 65 penalty minutes.
Matteau was a member of the United States' championship squad at the 2011 Under-18 Vlad Dzurilla tournament in Slovakia, and of the silver medal-winning team at the 2011 Under-17 World Hockey Challenge.
He played for the 2009-10 Canadian National Champion Notre Dame Hounds (Sask.) and won a gold medal with Team USA at the 2010 Four Nations Cup.
Matteau is the son of former NHL wing Stéphane Matteau.