Tavares, who has spent the past seven years playing for the Maple Leafs, will look to finish his career close to his hometown of Mississauga.
The 34-year-old can still play with the best of them after posting 38 goals and 36 assists in 75 games last season for the Maple Leafs.
His 38 goals were the second-most on the team, only to teammate William Nylander's 45.
Tavares, originally drafted first overall in the 2009 NHL Draft, spent the first nine years of his career with the New York Islanders, where he never scored below 20 goals in a season and only once posted less than 30 assists (2012-2013).
After hitting free agency in 2018, Tavares signed a seven-year deal worth $77 million with the Maple Leafs, where he now will look to finish his career.