The deal carries an annual average value of $10 million, according to TSN's Pierre LeBrun.
The best goalie available on the free-agent market, Bobrovsky joins Florida after seven solid seasons with the Columbus Blue Jackets.
Bobrovsky began his career in Russia before signing with the Philadelphia Flyers in May 2010. He spent two seasons in Philadelphia before the Flyers traded him to Columbus for three draft picks prior to the 2012-2013 season.
Elevating his play with the Blue Jackets, Bobrovsky won the Vezina Trophy as the league's top goalie in his first season in Columbus, posting a 2.00 goals-against average and a .932 save percentage. He captured the Vezina again in 2017 after winning a franchise-record 41 games.
The 30-year-old helped Columbus reach the postseason for the third year in a row in 2018-19 and was instrumental in the Jackets' first playoff series win in franchise history - a surprising sweep of the record-setting Tampa Bay Lightning.
Bobrovsky sports a career regular-season record of 255-153-37 with a 2.46 GAA, .919 save percentage, and 33 shutouts. His postseason numbers are less impressive, though, as he has an 11-18 record, 3.14 GAA, and .902 save percentage in the playoffs.