Bob McKenzie of TSN is reporting the deal to be worth $700,000.
The Washington Capitals used one of their compliance buyouts on the final year of Schultz's contract earlier this week, making him a free agent.
Schultz played in 26 games during the 2012-13 season, none after March 31. He had three assists.
"It's nice to have it happen now and I can look to the future," Schultz told Katie Carerra of the Washington Post. "I'm excited. I'm excited to move on and restart the game of hockey for me. The last month-and-a-half of the year was tough just practicing all the time not knowing. I'm looking forward to starting over again. I want to get back out there and play."
A first-round pick (No. 27) by the Capitals in the 2004 NHL Draft, the 27-year-old has 11 goals, 75 points and 133 penalty minutes, and is a plus-78 in 399 games over parts of seven seasons.