Penner, 30, had two goals and 12 assists for the Kings last season and scored just 11 regular-season goals total in his three seasons with the team after averaging 24-plus in five seasons before that with Edmonton and the Ducks combined.
He scored three goals for the Kings in the playoffs this year, and has 35 points (22 assists) in 78 career postseason games, with a plus-19 rating.
Financial terms were not immediately released.
The Kings on Tuesday acquired forward Daniel Carcillo from the Chicago Blackhawks for a conditional pick in the 2015 draft. Carcillo, 27, played in 23 regular-season games, and in four postseason games for the Stanley Cup champions.
The Times will have more later today at latimes.com/sports.