According to GeneralFanager.com, the deal is a one-year, two-way deal worth $700,000 at the NHL level and $275,000 in the American Hockey League, including $350,000 guaranteed.
“Couldn't be happier to be joining a great organization like St. Louis,” Ferraro tweeted. “Excited to get there and get going.”
The 24-year-old center split last season between the Detroit Red Wings and Boston Bruins organizations scoring five goals and five assists in 68 games.
Ferraro became an unrestricted free agent on July 1 after the Bruins elected not to tender him a qualifying offer. Boston claimed the 6-foot, 186-pound Trail, B.C. native off waivers from Detroit in November.
Originally a 2009 second-round pick of the Red Wings (32nd overall), Ferraro has appeared in 75 career NHL games split between Detroit and Boston registering 11 points and 29 penalty minutes.