McClement will make $1 million during the 2014-15 season.
"Jay is a veteran centreman who is proficient in the faceoff circle," Carolina general manager Ron Francis said in a statement. "He'll also provide elements of consistency and leadership for our club."
The 31-year-old McClement played the past two seasons for the Leafs and had 12 goals and 15 assists during his time in Toronto.
A native of Kingston, Ont., McClement led the Leafs with a faceoff percentage of 53.6 this past year.
I feel that responsibility, I've felt it for the last two years. We core guys get a lot of minutes, we get a lot of opportunity out there. Our teammates, the organization and fans look to us to be the guys to put the puck in the net and to create momentum out there.
— Jordan Eberle on taking his game and the Edmonton Oilers to the next level