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.
Copyright 2013 ABC News Radio
Madison Park, Keith Allen and Andreas Preuss, CNN