The Devils announced the signing on Thursday. A person familiar with the contract revealed the terms to The Associated Press on the condition of anonymity because the team didn't release the figures.
New Jersey also re-signed veteran forward Dainius Zubrus.
Elias has spent his entire 15-year NHL career with the Devils. He leads the franchise with 375 goals, 555 assists and 930 points. Elias holds career playoff records with 45 goals, 80 assists and 125 points in 162 games.
He has led the Devils in points in eight seasons.