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.
You don't see many. The [Drew] Doughtys, the [P.K.] Subbans, those are guys that create offense from the back and then on top of that ability, the size that he has. In the West you play against some pretty big players, and being able to clear the crease and contain the [Ryan] Getzlafs and the [Corey] Perrys and [Anze] Kopitars and players like that, we're excited about him going back there.
— Sharks general manager Doug Wilson on Brent Burns returning back to defense