The Washington Capitals signed goaltender Henrik Lundqvist to a one-year contract that carries a value of $1.5 million, the team announced Friday.

"Henrik is one of the greatest goaltenders in NHL history, and we are pleased to have him join our organization," Capitals general manager Brian MacLellan said. "Henrik has the competitive drive and the ability to help our team compete for a championship. We feel he will be an excellent fit for our team and provide leadership to our organization and our young goaltenders."

The Rangers bought out the final year of the 38-year-old Lundqvist's contract in September. Shortly afterward, he expressed his desire to continue playing and declared he "still wants to win."

The Capitals are expected to part ways with longtime goaltender Braden Holtby once free agency opens Friday. This would create a spot for Lundqvist alongside 23-year-old Ilya Samsonov in Washington's crease.

Lundqvist appeared in 30 games during the 2019-20 season and posted a career-worst .901 save percentage and 3.52 goals-against average.