The Leafs have reportedly reached an agreement with the recently bought-out P.A. Parenteau on a one-year deal worth 1.5-million dollars. TSN’s Bob McKenzie was the first to break news of the signing, via twitter.

We took a look at Parenteau as an option a couple days ago when the Canadiens decided to buy out the last year of his 4-million dollar AAV deal. He’s been a productive player since establishing himself in the league as sort of a late-bloomer in 2010.

This is a good signing for the Leafs and falls in line with their plans to make good short term moves and keep the future flexible. There’s also a very real chance Parenteau performs well enough to be a good deadline flip for a prospect or pick.

Renaud Lavoie of TVA reports that Mike Babcock was the driver behind the Parenteau signing, which should indicate he’ll get a good chunk of minutes with the Leafs next season in an attempt to bring his boxcar numbers back up.