The 33-year-old Canadian will join the Flyers after spending his entire 14-year league career with the Tampa Bay Lightning, with whom he won the Stanley Cup in 2004.
"It is a great honor for me to be a part of the Flyers," Lecavalier said in a statement.
"This is a great hockey team with a great history which I'm very proud to be a part of. I'm going to do my best to help lead this team to another championship."
Drafted number one overall by the Lightning in 1998, Lecavalier was released last week by Tampa Bay to clear space under a smaller salary cap. He had signed a five-year deal with the Flyers worth $22.5 million according to local media.
Lecavalier has scored at least 20 goals in each of his full seasons in the league, with last year's lockout-shortened campaign the only exception. In 1,037 career games for Tampa Bay, he scored a franchise-high 383 goals.
In other moves on Saturday, the St. Louis Blues agreed to a one-year deal with veteran forward Derek Roy, pending the results of a physical, while the Buffalo Sabres signed defensemen Alexander Sulzer (one-year) and Drew Bagnall (multi-year).
"Proud to (be) part of the St Louis Blues organization. Excited to get started," tweeted the 30-year-old Roy, who split last season between the Dallas Stars and Vancouver Canucks, registering seven goals and 21 assists.
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