Andersen, who spent the last five seasons guarding the Toronto Maple Leafs crease, lost the starting job in Toronto this past season due to a combination of injury and declining play.
For the first time in his eight-year NHL career, the 31-year-old's save percentage fell to below .900, ending the campaign at .895, the lowest of his career so far.
The Hurricanes were seeking a No. 1 goalie this off-season after trading Alex Nedeljkovic, a finalist for the Calder Trophy this past season, to the Detroit Red Wings for a third-round pick and the rights to goaltender Jonathan Bernier.
Nedeljkovic, who was a pending restricted free agent at the time he was dealt, agreed to a two-year, $6 million contract with the Red Wings, according to his agent.