Schenn, of Saskatoon, has previously played for the Canucks in the 2018-19 season as well as from 2021-2023.
The right-shot blue liner split last season with the Winnipeg Jets and Buffalo Sabres, recording one goal and six assists over 50 games.
Selected fifth overall by the Toronto Maple Leafs in 2008, Schenn has appeared in 1,122 games with 10 teams, scoring 45 goals and adding 167 assists.
He has also played for the Philadelphia Flyers, Los Angeles Kings, Arizona Coyotes, Anaheim Ducks, Tampa Bay Lightning and Nashville Predators.
He won two Stanley Cups with the Lightning in 2020 and 2021.