The first year of the contract is a two-way deal with an annual value of US$800,000 in the NHL and $100,000 in the American Hockey League.
The second year of the contract is one-way for $1 million.
Wolanin, 24, had four goals and eight assists in 30 games with the NHL Senators last season and seven goals and 24 assists over 40 games with the AHL’s Belleville Senators.
He played in the 2019 AHL All-Star Classic in January.
The six-foot-two, 185-pound defenceman, born in Quebec City and raised in the United States, was selected in the fourth round (107th overall) by the Senators in the 2015 NHL draft.