The 32-year-old appeared in 59 games with Nashville last season, racking up 13 points (7-6) and a plus-7 rating.
In 301 career NHL games with Nashville, Chicago, Calgary and Buffalo, Nichol has 64 points (30-34) and 573 penalty minutes.
Also Saturday, the Predators signed defenceman Alex Henry to a one-year deal. He'll be paid $475,000 if he's in the NHL and $100,000 if he plays in the American Hockey League.
Henry spent all of last season with AHL Milwaukee.