The Pittsburgh Penguins have barely stopped to take a breath since their disappointing elimination from the Eastern Conference Final this past Friday.
"I'm so happy," Malkin said on a conference call.
Malkin's extension, which starts in the 2014-15 season, is for eight seasons at $76 million, an average value of $9.5 million per year that makes him the highest-paid player on a team that includes Sidney Crosby.
The eight-year deal is the longest allowed under the terms of the new Collective Bargaining Agreement signed in January. Malkin still has one season remaining at $8.7 million on his previous contract.
"He's a caring player, a hard-working player," Penguins general manager Ray Shero said. "I believe his best days are ahead of him."