Weber's new contract with the Predators is for 14 years -- the third-longest in the history of the league and the richest ever awarded in the 14-year history of the franchise.
"In tendering an offer sheet to Shea Weber, we were trying to add a top defenseman entering the prime of his career," Flyers General Manager Paul Holmgren said. "With Nashville matching our offer, we wish Shea and the Predators all the best."
Weber, a second-round draft pick of the Predators in 2003, has served as Nashville's captain since 2010. The 26-year-old has registered 99 goals and 164 assists over his seven NHL seasons.
He notched 19 goals and 30 assists in 78 games last season.