The Hurricanes announced the signing Tuesday, shortly after they traded defenseman Joe Corvo to Boston for a draft pick.
The 33-year-old Kaberle was dealt from Toronto to Boston at the trading deadline and helped the Bruins win the Stanley Cup. His brother, Frantisek, was a member of the Hurricanes' 2006 Cup-winning team.
Tomas Kaberle had a combined four goals and 43 assists with the Maple Leafs and Bruins during the regular season, and had another 11 assists during the playoffs.
Carolina general manager Jim Rutherford calls Kaberle "one of the top puck-moving defensemen in the NHL."
He joins Joni Pitkanen as Carolina defensemen making at least $4 million this season.