The pact carries a $5.5-million annual cap hit, TSN's Bob McKenzie reports.
"Gustav Nyquist is a skilled, fast, two-way player who will be a great addition to our club both on the ice and in the dressing room," Jackets general manager Jarmo Kekalainen said. "He is a talented playmaker with a versatile game who has been extremely durable throughout his career and we are very excited to welcome him to the Blue Jackets family."
Nyquist tallied a career-high 60 points last season. He began the year with the Detroit Red Wings but was traded to the San Jose Sharks as a deadline rental. He'll be counted upon to provide offense for Columbus after the departures of Artemi Panarin and Matt Duchene.
The Swede will turn 30 on Sept. 1.