McClement, 31, had four goals and 10 points in 81 games for the Toronto Maple Leafs in 2013-14, his ninth NHL season and second with Toronto. His faceoff percentage of 53.6 was the best on the team and placed him in the top 25 in the NHL.
"Jay is a veteran centerman who is proficient in the faceoff circle," Hurricanes general manager Ron Francis said in a statement. "He'll also provide elements of consistency and leadership for our club."
McClement was a second-round pick (No. 57) by the St. Louis Blues in the 2001 NHL Draft. He has 75 goals and 204 points in 682 games with the Blues, Colorado Avalanche and Toronto Maple Leafs and has won more than 50 percent of his faceoffs in each of the past four seasons.
The Hurricanes also signed forwards Greg Nemisz and Zach Boychuk to one-year, two-way contracts. Nemisz will make $600,000 in the NHL or $100,000 in the American Hockey League; Boychuk will be paid $600,000 in the NHL or $200,000 in the AHL.
The Hurricanes acquired Nemisz from the Calgary Flames organization on Dec. 30, 2013, and he had three goals and 11 points in 14 games with the Charlotte Checkers, Carolina's AHL affiliate, before being sidelined with an injury. He has one assist in 15 NHL games, all with Calgary, which selected him in the first round (No. 25) of the 2008 NHL Draft.
Boychuk, 24, split last season between the Hurricanes and Charlotte. The Airdrie, Alb., native won the Willie Marshall Award as the AHL's top goal scorer with a Checkers club-record 36 goals. His team-best 74 points ranked second in the AHL and his 38 assists were good for second on the team. Boychuk had one goal and three assists in 11 games with the Hurricanes.