The two sides were scheduled to go to salary arbitration on Thursday.
Frolik had 42 points (15 goals, 27 assists) in 81 games with the Jets last season.
The 26-year-old native of Kladno, Czech Republic has 193 career points (76-117) and 137 penalty minutes in 430 career NHL games with Florida, Chicago and Winnipeg.
Frolik was acquired by the Jets from the Chicago Blackhawks on June 30, 2013 in exchange for Winnipeg's third- and fifth-round picks in the 2013 NHL draft.
He was originally drafted by the Florida Panthers in the first round (10th overall) in 2006.