Terms of the deal were not released.
Hossa, a 25-year-old restricted free agent, had eight goals and 10 assists in 64 games with the Rangers last season. He was scheduled for an arbitration hearing Thursday.
The six-foot-three, 220-pounder has 30 goals and 23 assists in 187 career games with the Rangers and Montreal Canadiens. He made US$600,000 last season.