The contract carries an annual value of $800,000 in the NHL and $400,000 in the AHL.
"Andrew is someone that can play in Ottawa or in Belleville," Senators general manager Pierre Dorion said. "He's a top-end minor league player. We feel he can play games for us [in Ottawa]. He's electric at the minor-league level. Obviously, he's got a lot of skill and he is someone that we feel provides really good depth to our organization."
Agozzino has 46 career NHL games to his name over parts of five seasons with Colorado, Pittsburgh and Anaheim where he has two goals and seven assists. He appeared in three games with the Ducks in 2020-21.
The 30-year-old is a three-time AHL All-Star (2013, 2019, 2020) where in 535 games he's buried 173 goals and tallied 412 points. He notched 27 points in 31 contests with San Diego last season.
He has previously worn an 'A' on five occasions in the American Hockey League and captained Niagara for three seasons in the OHL.