From TSN:

Kyle Wellwood will be returning to Vancouver after the Canucks announced the signing of the centre Thursday following his arbitration hearing on Tuesday.

Terms of the deal were not released, however the agent for Wellwood, Mike Liut told the TEAM 1040 on Wednesday that his client would be signing for slightly more than the $1 million he earned last season.

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Update: TSN updated their story to state Wellwood’s new contract is for $1.2 million.

Update: From Brad Ziemer at the Vancouver Sun—

The award amounts to a 20-per-cent raise for Wellwood, who made $997,500 last season.

But the award was considerably less than the more than $1.5 million Wellwood and his agent, Mike Liut, had been seeking from the arbitrator when his case was heard Tuesday in Toronto. The Canucks had made Wellwood a $1-million qualifying offer and are not believed to have budged significantly from that offer in Tuesday’s hearing.