According to TSN, the deal is worth just under $16 million. Brewer was set to become an unrestricted free agent on July 1.
The Lightning acquired Brewer from the St. Louis Blues on Feb. 18th in exchange for a third-round pick in the 2011 Entry Draft and prospect Brock Beukeboom.
The 32-year-old recorded 9 goals and 16 points in 76 games last season with the Blues and the Lightning. He added 1 goal and 7 points in 18 postseason games for Tampa Bay.
Brewer, who won a gold medal with Canada at the Olympics in 2002, has 65 goals and 145 assists in 758 career NHL games for the Islanders, Oilers, Blues and Lightning. The Islanders took him with the fifth pick of the 1997 Entry Draft.