The two sides worked Wednesday to finalize the contract for Roloson, a major contributor in Tampa Bay's run to the Eastern Conference finals.
"We are happy to bring Dwayne back into the fold today," general manager Steve Yzerman said in a statement. "He proved his worth both in the regular season and playoffs last year, bringing stability to our team. He is a proven veteran and we are pleased to have him back for the upcoming season."
Roloson, acquired from the New York Islanders on Jan. 1, went 18-12-4 in helping Tampa Bay earn its first postseason berth in four years. The 41-year-old goalie was 10-6 in the playoffs.
"I'm extremely excited to return to the Lightning," Roloson said. "It is a great organization and we had a great run last season. I'm looking forward to trying to do it again in 2011-12."
Tampa Bay also re-signed Adam Hall to a one-year contract.
Hall had seven goals and 18 points last season. The 30-year-old center played in all 18 playoff games, finishing with a goal and four assists. He has played 508 NHL games with Pittsburgh, Minnesota, the New York Rangers, Nashville and Tampa Bay.
Information from The Associated Press contributed to this report.