ESPNNewYork.com’s Katie Strang reports the deal is worth $4.5 million, with Hagelin receiving $2.1 million in year one and $2.4 million in the second year.
The 24-year-old Hagelin scored 10 goals and dished out 14 assists last season.
Hagelin serves as a top-six winger for the Rangers and often played on the team’s top line last season.
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John Newsome and Anne Woolsey, CNN