Antropov, 27, had 18 goals and 15 assists in 54 games with the Leafs last season.
"Nik has continually progressed and evolved into a power forward who contributes offensively and provides size amongst our top six forwards," Maple Leafs vice-president and general manager John Ferguson said in a release. "He is a player we wanted to bring back and who will continue to be a valuable player for us."
The deal will pay Antropov $1.95 million next year and $2.15 million in 2008-09.
The oft-injured Kazakhstan native set career highs in goals, power-play goals (4) and shots on goal (125).
Over the past two seasons, Antropov has earned a plus-21 rating, second-highest among all Leafs.
He has 78 goals and 111 assists in 374 career games with Toronto.
Antropov was Toronto's first choice, 10th overall, in the 1998 draft.