The deal, announced Thursday, begins in 2014 and runs through the 2016-17 season.
Malkin agreed to an eight-year extension earlier this month. Pittsburgh is also negotiating with defenceman Kris Letang and forwards Pascal Dupuis and Matt Cooke, both of whom will become free agents next month.
General manager Ray Shero says the contract will carry an annual salary cap hit of $3.85 million.
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