The deal is worth $21 million, an average annual value of $5.25 million.
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Streit would have become an unrestricted free agent July 5. The Flyers acquired his rights from the New York Islanders on June 12 in exchange for minor-league forward Shane Harper and a fourth-round pick in the 2014 NHL Draft.
"The future is bright," Streit said at the time of the trade. "[The Flyers] were in the Cup Finals three years ago, and there is so much skill and a great mix between veteran players and young players, so I'm pretty confident and I truly hope [a contract is ] going to get done soon."
Streit, 35, finished the 2012-13 regular season with six goals and 27 points in 45 games, then added two goals and five points in six Stanley Cup Playoff games.