Schultz, 28, made his Kings debut in the 2014 Stanley Cup Playoffs. He had no points in seven games after being promoted from the Manchester Monarchs of the American Hockey League on April 30. He could have become an unrestricted free agent on Tuesday.
Schultz played in 67 regular-season games with the Monarchs last season. He had 13 points (two goals, 11 assists), 32 penalty minutes and a plus-10 rating.
The 6-foot-6, 225-pound Calgary native has 11 goals, 64 assists and 133 penalty minutes in 399 NHL regular-season games, all with the Washington Capitals.
Schultz was originally selected by Washington in the first round (No. 27) of the 2004 NHL Draft.