ESPN.com's Pierre LeBrun reported that the deal is worth $4.35 million for three seasons, paying him $1.4 million in 2009-10, $1.45 million in 2010-11 and $1.5 million in 2011-12.
Blues president John Davidson calls the 26-year-old McClement "one of the best defensive forwards" in the NHL. McClement led the Blues with three short-handed goals while logging more than 315 minutes during the penalty kill, helping the franchise earn its first playoff berth since 2004.
McClement was one of four St. Louis players to play in all 82 regular-season games. He had career highs with 12 goals, 14 assists and 26 points.
McClement, a native of Kingston, Ontario, was selected in the second round of the 2001 draft. In 311 career games he has 111 points -- 35 goals and 76 assists.
Information from ESPN.com NHL writer Pierre LeBrun and The Associated Press contributed to this report.