Terms of the deal were not disclosed. However, A report from The Dallas Morning News says it is a two-way deal that will pay Gaunce $650,000 in the NHL.
Gaunce was one of 17 players who filed for arbitration, with his hearing set to take place on July 25.
While Gaunce, 24, spent most of last season in the American Hockey League with the Texas Stars -- whom he helped win the Calder Cup Championship -- Gaunce appeared in nine games with the Stars, recording nine shots and a + 1 plus/minus rating.
A second-round pick in 2008, Gaunce has played in 20 total NHL games with Colorado and Dallas. The Stars acquired Gaunce in a trade in April 2013.
-- Chris Johnson