The 34-year-old had conversations with multiple teams, but it's believed his preferred destination was Florida, according to TSN's Bob McKenzie.
Boyle's deal will carry a cap hit of less than $1 million, adds McKenzie.
"With over 700 games played in the NHL and over 100 more in the playoffs, Brian brings a wealth of experience to our club," said Panthers president of hockey operations and general manager Dale Tallon. "He adds versatility and character to our lineup."
The veteran center has been a reliable faceoff man throughout his career, winning 50.2% of his draws.
Boyle was the 2018 recipient of the Bill Masterton Memorial Trophy after his comeback from chronic myeloid leukemia.
He was selected 26th overall by the Los Angeles Kings in the 2003 NHL Draft.