Cole will get $1.14 million for next season; Boulerice receives $501,600.
Cole, 26, had 18 goals and 42 points in the 2003-04 season. He was second on the team in goal scoring and third in points. In three seasons, Cole has registered 48 goals and 61 assists in 214 games.
"Erik has performed well for the Hurricanes and we are happy to have him signed," said Canes GM Jim Rutherford. "He led his team in Germany to the league championship last season and also performed well for coach (Peter) Laviolette at the World Championships."
Cole was drafted by the Hurricanes in the third round in 1998.
Boulerice, 27, was originally drafted by Philadelphia in the fifth round in 1996.
In 127 NHL contests he has recorded eight goals, two assists and 240 penalty minutes.