The Minneapolis Star Tribune is reporting the deal is worth $3.2 million.
In addition, the Wild also signed center Jeff Taffe to a one-year, two-way contract.
Powe was acquired from the Flyers on June 27 in exchange for the Wild's third-round pick in the 2013 Entry Draft. The 5-foot-11, 212-pound center scored 7 goals and tallied a career-high 10 assists for a career-high 17 points in 81 games for Philadelphia in 2010-11. Powe, a Saskatoon, Sask. native, also led the Flyers and ranked 21st in the NHL with 196 hits last season.
In three NHL seasons -- all with the Flyers -- Powe recorded 22 goals and 21 assists. In 40 Stanley Cup Playoff games, the center has 1 goal and 4 assists. He signed with Philadelphia as a free agent from Princeton University. During his four-year career with the Tigers -- where he served as team captain his senior season -- Powe tallied 28 goals and 32 assists. He was also awarded The Richard F. Vaughan Cup for perseverance and dedication to Princeton hockey in 2006 and 2007.
Taffe, 30, recorded 30 goals and 37 assists in 74 games for the Rockford IceHogs of the American Hockey League (AHL) in 2010-11. He also skated in one game with the Chicago Blackhawks. Taffe, who played for the University of Minnesota, has recorded 21 goals and 23 assists in 175 career NHL games with Phoenix, the New York Rangers, Pittsburgh, Florida and Chicago. The 6-foot-3, 215-pound forward was St. Louis' first-round pick (No. 30) in the 2000 Entry Draft. Taffe was named 1999 Mr. Hockey in Minnesota.