The deal carries an average annual value of US$762,500.
Malone, 33, played eight regular-season games for the NHL team last season, putting up two points (one goal, one assist). He also made two post-season appearances.
Malone spent much of the year with Bakersfield Condors in the American Hockey League where he tallied 39 points (14 goals, 25 assists) and 65 penalty minutes in 52 regular-season appearances. He added four more points (two goals, two assists) in five post-season games.
Hailing from Miramichi, N.B., Malone was selected by the Colorado Avalanche in the fourth round of the 2007 NHL entry draft.
He's played for Edmonton, Colorado and the Carolina Hurricanes, appearing in 207 regular-season NHL games and recording 32 points (14 goals, 18 assists) and 200 penalty minutes.