According to CBC Sports, the deal is worth $550,000. Fraser, who earned $500,000 in 2010-11, was scheduled to go to an arbitration hearing on Aug. 4.
The 24-year-old Fraser played in 26 games last season, producing 2 assists and 29 penalty minutes. He suffered a broken hand in the first half of the season and was a healthy scratch down the stretch under head coach Jacques Lemaire.
New Devils coach Peter DeBoer has some history with Fraser, as he coached him for two seasons (2004-05, 2005-06) in the Ontario Hockey League with the Kitchener Rangers. Fraser has 3 goals and 8 points in 94 career NHL games. He had a career high 3 goals and 6 points in 61 appearances with the Devils in 2009-10.