The deal will pay Ouellet $700,000 at the NHL level and $275,000 in the AHL, with $350,000 in guaranteed salary.
A native of Bayonne, France, Ouellet suited up for 45 games in his fifth season with the Detroit Red Wings last season, registering seven assists. He has 23 points (5G, 18A) in 141 NHL contests to date.
Ouellet, who measures 6-foot-1 and weighs 181 pounds, was the Red Wings' second-round pick (48th overall) in 2011.