The one-way deal effectively makes the Swedish goaltender the backup to starter Tuukka Rask next season, meaning Chad Johnson is not expected to return to the Bruins when he becomes an unrestricted free agent on July 1.
Svedberg will earn $600,000 in 2014-15.
Svedberg, 24, made his NHL debut on Jan. 2, making 33 saves to earn a 3-2 overtime win against the Nashville Predators.
He signed as a free agent with the Bruins on May 29, 2012 and made an instant impression in the organization. In his first season playing with Boston's American Hockey League affiliate in Providence, Svedberg played in the AHL All-Star Classic and posted a 37-8-8-2 record with a 2.17 goals-against average and .925 save percentage. He closed out his first season in North America by winning the Aldege "Baz" Bastien Memorial Award as the AHL's top goaltender and being named to the league's first All-Star team.
After competing for Boston's backup goaltending job in training camp, Svedberg went 25-15-7-4 in 2013-14 with a 2.63 GAA and .910 save percentage.
With Svedberg penciled in as the Bruins' backup, Johnson will likely have to build on his successful 2013-14 season with a new team. In his lone year with the Bruins, Johnson went 17-4-3 with a 2.10 goals-against average and .925 save percentage.
"It's unfortunate for me because I loved everything about Boston and the Bruins," Johnson said via text, according to the Boston Globe. "With how tight the cap is in Boston ... as well as what the goalie market for a guy like myself is nothing really could work out."