Letowski, 29, had 10 goals and 18 assists in 81 games with the Columbus Blue Jackets. The deal will pay the seven-year NHL veteran $800,000 per season, the Hurricanes said.
Letowski has 73 goals and 102 assists in 480 career NHL games with Phoenix, Vancouver and Columbus.
The Hurricanes also said Thursday they re-signed veteran defenseman Glen Wesley to a one-year, $1.2 million contract. The team's alternate captain joins Rod Brind'Amour, leading scorer Eric Staal and high-scoring left winger Erik Cole in resigning with the Hurricanes.
Wesley had two goals and eight assists in 64 games with the Hurricanes in 2005-06, his 18th NHL season and 11th with the franchise. Wesley played in all 25 games of the Hurricanes' run to their first Stanley Cup. He had two assists and 56 blocked shots -- second on the team -- in the postseason.
Wesley had 126 goals and 390 points in 1,311 career games with Boston, Toronto and the Carolina franchise.
"Glen has been a fixture on our blue line for many years and we are thrilled that he is coming back for another season," Carolina president and general manager Jim Rutherford said. "His leadership and reliability are very valuable to our team."
Information from The Associated Press and SportsTicker was used in this report.