His agent Matt Keator said the deal is worth $2.2 million, the amount of an arbitrator's award given after a hearing on Tuesday.
"The decision came in the range we expected," Keator said. "There were no winners or losers in this case."
Bruins general manager Peter Chiarelli said in a statement announcing the deal, "It is never a pleasant experience for either side to go to arbitration. However, as a manager, you know that the player will be under contract for the following year either way."
In two seasons with Boston, Wheeler has 39 goals and 44 assists in the regular season but just one goal and five assists in 21 postseason games. He was one of two players to participate in all 82 regular-season games for the Bruins last season and finished with 18 goals and 20 assists.
Wheeler said he was "anxious" going into the hearing.
"It was handled extremely professionally," he said. "I was really happy to be through with that part of the process."