According to ESPN.com’s Pierre LeBrun, the contract is for three years and is worth $16.5 million.
Elias, who has played his entire 17-season NHL career with the Devils, would have become an unrestricted free agent Friday.
The 37-year-old Elias is the Devils’ all-time leader in goals (375), assists (555) and points (930).
Elias had 14 goals and 22 assists in 48 games last season.
The Devils also announced they re-signed winger Dainius Zubrus.
Copyright 2013 ABC News Radio
Madison Park, Keith Allen and Andreas Preuss, CNN