The 25-year-old restricted free agent compiled an 8-18-6 record in 38 games with the Canadiens in 2021-22.
Montembeault also put up an .891 save percentage, a 3.77 goals-against average and one shutout — the first of his NHL career.
Claimed off waivers by Montreal last October, the six-foot-three, 199-pound native of Bécancour, Que., is heading into his sixth season as a professional.
The Canadiens are still awaiting word on the health of No. 1 goalie Carey Price, who was limited to just five appearances last season.
Montreal also has Jake Allen under contract.