Financial terms of the deal were not disclosed.
Yakupov was selected first overall in the 2012 NHL Entry Draft after collecting 69 points (31 goals, 38 assists) in 42 games last season for the Ontario Hockey League’s Sarnia Sting.
"We're very happy to sign Nail to a three-year contract,” Tambellini said in a news release. “He's an extremely talented and passionate young man who we feel will be an integral part of our team for many years to come."
Yakupov was named the 2010-11 OHL rookie of the year after the right-winger recorded 101 points (49-52) in 65 games with Sarnia.
The five-foot-11, 190-pound Yakupov scored a hat-trick for the Russian team that defeated Team Canada 6-4 in the bronze-medal game at the 2011 World Junior U-18 Championship. He collected 13 points (6-7) in the tournament.
Yakupov also won silver as a member of Team Russia at the 2012 World Junior Championship where they lost 1-0 to Sweden in the final. In seven games he led Russia with nine assists and finished plus-5.