Financial terms of the deal were not released by the club, but the contract is reportedly worth $1.5 million a year.

Theodore, 34, spent last season in Minnesota and went 15-11-3 with a 2.71 goals-against average and .909 save percentage.

"Jose is a veteran goalie who has won both the Vezina and Hart Trophy," said Panthers general manager Dale Tallon. "He has played in more than 500 games in the National Hockey League, earning more than 250 wins, and adds depth and experience to our team. Paired with Scott Clemmensen, we feel that we have a solid goaltending tandem for the 2011-12 season."

Theodore won the Hart and Vezina Trophies while with Montreal in 2001-02. He has compiled four NHL seasons with 30 wins or more and is 260-232-55 in 580 career games with the Canadiens, Colorado, Washington and Minnesota.