The 29-year-old Nyquist gets a four-year deal, and TSN is reporting that he carries an annual average value of $5.5 million.
Nyquist, who was playing on the final season of a four-year, $19 million contract in 2018-19, joined the San Jose Sharks in February after he waived his no-trade clause and was dealt by the Detroit Red Wings, the only team he had played for in his eight-year career.
Nyquist provides consistent scoring punch to the lineup.
"I think it's a team that has some really good pieces, some young pieces and also some great veteran leaders, and a team that's really heading in the right direction," Nyquist said. "You saw that in last year's playoffs. Those were things that really excited me."
Nyquist said the departure of some of the stars, which includes goalie Sergei Bobrovsky, doesn't concern him.
"I'm sure the media will talk about that," he said. "But I think we want to prove that there is going to be opportunity for other guys who are going to try to come in and fill some of those holes, and I'm sure everyone will be excited to keep building on what they've done here for the last few years. I have no doubt in my mind that we're going to be a really good team."
Nyquist had a career-high 28 goals in 2013-14 and 27 the next season, and while his goal totals haven't kept up to those levels, he did finish with a career-high 60 points in 81 games this season to go with 11 points in 20 postseason games.
Duchene signed with the Predators, Panarin headed to the Rangers and Bobrovsky chose the Panthers in free agency.
Information from The Associated Press was used in this report.