Financial terms were not disclosed, but ESPN.com's Pierre LeBrun reports that the deal will be worth around $34 million.
Gaborik scored 11 goals and recorded 19 assists in the regular season for the Kings, but he increased his production in the postseason, scoring an NHL-best 14 goals and helping the Kings win their second Stanley Cup in three years. Gaborik, 32, had two goals and three points in the Kings' five-game Stanley Cup Final victory over the New York Rangers.
He is the second player in league history to score more goals in the playoffs than in the regular season. Gaborik, a three-time All-Star, has scored 40 goals or more three times in his career.