The team announced Thursday it had agreed to a one-year deal with the 41-year-old netminder. Terms were not released, but multiple sources placed the value of the contract at $3 million.
Roloson will turn 42 on Oct. 12.
"We are happy to bring Dwayne back into the fold today," said Lightning General Manager Steve Yzerman said. "He proved his worth both in the regular season and playoffs last year, bringing stability to our team. He is a proven veteran and we are pleased to have him back for the upcoming season."
The Lightning sent defense prospect Ty Wishart to the New York Islanders for Roloson, who went 18-12-4 with four shutouts in 34 games. He also won 10 games in the playoffs to help the Lightning reach the Eastern Conference Finals for the first time since 2004.
"I'm extremely excited to return to the Lightning," Roloson said. "It is a great organization and we had a great run last season. I'm looking forward to trying to do it again in 2011-12."