A source tells The Canadian Press that the Flyers acquired the rights to defenceman Kimo Timonen and forward Scott Hartnell from the Nashville Predators and re-signed both players.
The Predators received a first-round pick in this week's draft - the same pick they traded to the Flyers in exchange for Peter Forsberg last winter.
Hartnell and Timonen were set to become unrestricted free agents July 1.
Timonen signed a six-year deal worth US$37.8 million while Hartnell's deal is also for six years and worth $25.2 million.
The Flyers had a 48-hour window from Saturday at noon to Monday at noon to get the deals done.
Timonen, 32, had 13 goals and 42 assists last season. Hartnell, 25, had 22 goals and 17 assists.
The five-foot-10, 195-pound Timonen will become the top blue-liner for the Flyers, who were last in the NHL this season with a 22-48-12 record.
The six-foot-two, 208-pound Hartnell brings versatility to the Flyers as he can play either wing.
Canadian billionaire Jim Balsillie has put in a bid to purchase the Predators.