He has been speaking with several teams, but cannot officially sign his deal with the Flyers until noon ET on July 5.
His deal includes a full no-movement clause.
Several teams were after Lecavalier, including the Montreal Canadiens, Dallas Stars, Detroit Red Wings, Boston Bruins, Florida Panthers, Nashville Predators and Calgary Flames, but the former Lightning captain opted to join the Flyers.
In 39 games with the Lightning this past season, Lecavalier registered 10 goals and 22 assists for 32 points.
The former first-overall selection in the 1998 NHL Entry Draft, Lecavalier has played in 1,037 career NHL regular-season games, all with the Lightning, and has accumulated 383 goals and 491 assists for 874 points. He helped lead the Lightning to their first Stanley Cup championship in 2003-04.