He will earn $6 million next season, $4.5 million in 2015-16, and $3 million in each of the last two years of his contract.
The Nashville Predators, Florida Panthers and Ottawa Senators tried to acquire Lecavalier from Philadelphia, but wanted the Flyers to pay roughly half of his remaining salary, something the Flyers have been reluctant to do.
Since talks broke down, the Predators signed center Olli Jokinen, the Panthers signed Dave Bolland, and the Senators inked David Legwand.
It's believed the Predators and Panthers could still be a landing spot for Lecavalier, though other teams are reportedly in the mix.
Lecavalier, 34, registered 20 goals and 17 assists for 37 points in 69 games with the Flyers this past season.