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 mean, hockey had to change the rules because of Marty, and that's impressive. I got two Stanley Cup rings because of the guy. Look at the banners of [Scott Niedermayer, Scott Stevens and Ken Daneyko] and Marty is right up there when you think about the New Jersey Devils; he was part of the core group and he'll go down as one of the greatest goalies ever.
— New Jersey Devils center Scott Gomez on former teammate Martin Brodeur, who will announce his retirement Thursday