The team said Tuesday that the deal will pay Khudobin $2 million next season and $2.5 million in 2015-16.
General manager Jim Rutherford says signing Khudobin "helps solidify our team's goaltending situation."
The Hurricanes signed Khudobin to an $800,000, one-year deal last July to back up Cam Ward.
Khudobin is 13-8-0 with a 2.17 goals-against average in 22 games with the Hurricanes and was the NHL's first star for January after his club-record-tying 10 wins in the month.
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