The deal includes a base salary of $2 million, with the rest being incentives based on how many games he plays next season.
Toews cannot officially sign the deal until July 1st when the NHL free agency period begins.
The 37-year-old last played in 2023 when he was a member of the Blackhawks, who ultimately came out and said that they wouldn't be re-signing him.
Toews, who wasn't on a team this past season, spent five weeks in India in which he described as a "healing journey," while also traveling to Indonesia.
The three-time Stanley Cup (2010, 2013, 2015) champion was a cornerstone of the Blackhawks dynasty, posting 372 goals and 511 assists in 1,067 games during his 15-year career in Chicago.
He earned the Conn Smythe Trophy (playoffs MVP) in 2010 after scoring seven times and assisting on 22 and even won the gold medal with Team Canada at the 2010 Vancouver Winter Olympics.
In 2012-2013, Toews went on to win the Selke Trophy, which is awarded to the best defensive forward in the league, an award that was recently given to Florida Panthers captain, and now back-to-back champion, Aleksander Barkov.
Then, a year later, Toews would go on to win his second gold medal as a member of Team Canada at the 2014 Sochi Winter Olympics before being named to the 100 Greatest NHL Players in 2017.
Toews will now officially be playing for his hometown team in the Winnipeg Jets in what could possibly be his last year.