Sportsnet's Elliotte Friedman reports that the deal will pay Del Zotto $700,000 at the NHL.
"Michael has great vision and puck-moving ability and has been every bit as good as we thought he would be when we brought him to camp," said general manager Jarmo Kekalainen in a press release.
"We think the blue line is a real strength for our team, but you can never have enough good defencemen, particularly in a season like this with so many games in a relatively short period of time, and Michael has fit in very well with our group."
The 30-year-old rearguard, who had 15 points in 49 games with the Anaheim Ducks last season, had been at the Blue Jackets' training camp on a professional tryout agreement.
The native of Stouffville, Ont., has put up 236 points 657 NHL games with the Ducks, St. Louis Blues, Vancouver Canucks, Philadelphia Flyers and New York Rangers since being selected 20th overall in the 2008 NHL Draft.