The former No. 3 overall draft pick will report to the team's American Hockey League affiliate in Syracuse on Tuesday morning, Yzerman said.
Drouin was suspended without pay by the Lightning when he refused to show up for an AHL game in Toronto on Jan. 20. He has not played since.
Selected third overall in 2013, Drouin asked for a trade from the Lightning in November, and his agent expressed the Drouin camp's disappointment at his handling by the team in early January when the player was sent to the minors.
There was speculation that Drouin would be traded by Tampa Bay before the Feb. 29 trade deadline, but no deal was made. After the deadline, Yzerman told reporters that the door was open for Drouin to return to the team.
Drouin, 20, has scored six goals in 89 career NHL games.