The New York Rangers have signed veteran forward Ryan Malone, who was bought out in June by the Tampa Bay Lightning following an arrest for DUI and cocaine possession.

Terms of the contract weren't disclosed, but multiple reports said it's a two-way deal that would pay Malone $700,000 US at the NHL level.

Malone, 34, was arrested by Tampa police in April for DUI and possession of 1.3 grams of cocaine following a traffic stop. The police said breath tests returned blood-alcohol levels of 0.112 and 0.116 per cent. Florida law considers a driver impaired at 0.08.

In June the Lightning bought out the final year of his seven-year, $31.5-million contract.

A six-time 20-goals scorer, Malone had five goals in 57 games last season.

He'd been taking part in informal workouts with the Rangers this week.

“Obviously I made a mistake and I obviously have to admit that, and thankfully, luckily, no one got hurt,” Malone told reporters Monday. “This has obviously changed my life for the better."