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.
We're buyers. We're committed to winning. That's what [owner Vinnie Viola] has said all along and what we've said all along. We want to win. We want to win a championship. We're putting the pieces together, step by step, and we're hopeful that Jaromir can lead these young guys to the promised land. It's a win-win for us.
— Panthers GM Dale Tallon on Jaromir Jagr, who he traded for from the Devils on Thursday