General manager Jeff Gorton announced the deal Monday, hours before a contract arbitration hearing for the 25-year-old Stepan.
Terms were not immediately available.
A restricted free agent, Stepan had 16 goals and 39 assists in 68 games as the Rangers posted the NHL's best regular-season record. He also had five goals and seven assists in 19 post-season games, tallying the game-winning goal in overtime in Game 7 against Washington in the Eastern Conference semifinal.
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