Selanne had put a decision concerning the 2011-12 campaign on hold after undergoing knee surgery at the close of last season. He signed a one-year deal Thursday.
"I'm very happy that my knee has recovered from surgery and is ready for the season," said Selanne, 41. "I'm excited and optimistic about what this team can do and thankful to have another opportunity to play in Anaheim."
He scored 31 goals and had 49 assists in 73 games last season.
Selanne holds the Anaheim records for games played (774), goals (410) and assists (461). He is 27th on the NHL's all-time points list with 1,340.
His career began with the Winnipeg Jets in 1992. He has also played for San Jose and Colorado.