The 34-year-old goalie could have become an unrestricted free agent July 1.
"Brian has played well for us the last two seasons," Philadelphia general manager Chuck Fletcher said. "He is a proven, quality goaltender who competes and battles hard every time he has the net. We are excited to have him rejoin our team."
Elliott was 11-11-1 with a 2.96 goals-against average, .907 save percentage and one shutout in 26 games (23 starts) this season. He missed three months with a lower-body injury sustained Nov. 15 against the New Jersey Devils.
Rookie goalie Carter Hart played 31 games (30 starts; 16-13-1, 2.83, .917).
"I anticipate both guys playing," Fletcher told the Flyers website. "I think the days of a 65-70-game goaltender are probably gone. Somewhere in the 30-50 range for each guy. ... Alain Vigneault and the coaching staff will come up with a good plan. It's nice to have two quality options and two guys we know can work together. I think that certainty was important to us."
Last season, Elliott was 23-11-7 with a 2.66 GAA and .909 save percentage in 43 games, helping the Flyers qualify for the Stanley Cup Playoffs.
Selected by the Ottawa Senators in the ninth round (No. 291) of the 2003 NHL Draft, Elliott is 225-139-43 with a 2.48 GAA, .912 save percentage and 38 shutouts in 441 games (404 starts) with the Flyers, Calgary Flames, St. Louis Blues and Senators. He is 16-25 with a 2.76 GAA, .903 save percentage and one shutout in 45 Stanley Cup Playoff games.
With the Blues in 2010-11, he led the NHL in goals-against average (1.56) and save percentage (.940), teaming with Jaroslav Halak to win the William M. Jennings Trophy, given to the goalies on the team that allow the fewest goals during the regular season.
