Dan Milstein tweeted the news about his client.
The contract sees Svechnikov earn $750,000 at the NHL level and $350,000 in the minors.
The Russian had seven goals and 12 assists in 79 games with the Winnipeg Jets last season.
In 113 career NHL games with the Detroit Red Wings and Jets, Svechnikov, 25, has 12 goals and 19 assists.
The Red Wings took Svechnikov in the first round (19th overall) of the 2015 NHL Draft.