Fischer's deal is worth $2 million, The Athletic's Craig Morgan reports.
He was the Coyotes' lone remaining restricted free agent.
The 6-foot-2, 214-pound winger collected six goals and three assists while averaging just over 11 minutes in ice time across 56 games with Arizona this past season. It was his third full campaign with the Coyotes, who drafted him 32nd overall in 2015.
Fischer notched a career-high 15 goals across 79 contests in 2017-18 after tallying three goals over seven games in his first taste of NHL action during the previous season. However, he's failed to build on that since, combining for only 17 goals and 27 points in 127 games during the last two campaigns.