"I'm very happy that my knee has recovered from surgery and is ready for the season," said the 41-year-old Selanne. "I'm excited and optimistic about what this team can do and thankful to have another opportunity to play in Anaheim."
The Finn registered 31 goals, including a team-leading 16 on the power play, and 49 assists over 73 games for the Ducks last season.
"As he showed again last season, Teemu still has the drive, determination, and skill to play at an elite level," said Ducks executive vice President/GM Bob Murray. "Most importantly for us, his passion comes from not just playing, but playing for the Ducks."
Selanne is the Ducks' franchise leader in goals (410), assists (461), points (871) and games played (774) and won a Stanley Cup with the club in 2007. Also, he sits 27th all-time in points in the NHL with 1,340 (637 goals, 703 assists).
A former Rocket Richard Trophy winner, Selanne entered the league with the original Winnipeg Jets in 1992-93. He also has played for San Jose and Colorado.