TSN reports it has an annual average value of $2.55 million.
"I'm thrilled to sign a new contract with the Coyotes," Boedker said in a statement. "We have a great team and coaching staff and I'm really looking forward to this season."
Boedker had 26 points (seven goals) in 48 games last season. The 23-year-old from Denmark played 82 games with the Coyotes in 2011-12, scoring 24 points (11 goals).
"I thought it was a fair deal," Coyotes general manager Don Maloney said, according to The Associated Press. "He still has something to prove, show that he's producing for us. He does that, he'll get paid a lot more money. I thought it was a good deal for a good young player for us."
Boedker has played in 256 NHL regular-season games. He scored the overtime goals in Games 3 and 4 of the 2012 Western Conference Quarterfinals against the Chicago Blackhawks.
"He's a key part for us right now," Coyotes coach Dave Tippett told the AP. "He's a player who's continued to get better the past couple of years and we look at him as a very valuable player for us this season."
Boedker was chosen by the Coyotes in the first round (No. 8) in the 2008 NHL Draft.