The deal is reportedly worth $5.85 million.
King, 25, scored 15 goals and recorded 15 assists in 77 games last season.
A fourth-round pick in 2007, King has spent all four seasons of his NHL career in Los Angeles. He has registered 54 points over 157 games.
The Kings won 46 games and earned the No. 6 seed in the Western Conference before winning the Stanley Cup, the team's second title in three years.
- Chris Johnson