Johnson missed 71 games last season
Terms of the deal were not disclosed.
Johnson missed 71 games last season because of a shoulder injury. Before his surgery, he had scored 10 points in the first 11 games.
"Mike brings many positives to our roster each night," Coyotes general manager Mike Barnett said. "He has elite speed, he kills penalties and he has power play experience. He can pretty well be put in any situation for you and get the job done. We missed his contribution greatly last year."
Johnson has played for Toronto, Tampa Bay and Phoenix in his eight seasons in the NHL, recording 100 goals and 185 assists.
He set career highs in 2002-03 with 23 goals, 40 assists and eight power-play goals for the Coyotes.
Information from SportsTicker and The Associated Press was used in this report.