General manager Ray Shero announced the signing on Monday. The contract is a two-way deal, with an average annual value of $587,500. The value will depend on whether the 22-year-old plays in the NHL or in the minor leagues.
Wedgewood is entering his fourth pro season, all with the Devils. He appeared in 36 AHL games with Albany last year, recording a 13-14-6 mark with two shutouts and a 2.74 goals-against average.
Wedgewood was the 84th overall selection in the 2010 NHL Entry Draft.