Length of contract and financial details were not disclosed, but multiple media outlets have reported that the deal is worth $39 million over six years, an average of $6.5 million per season.
Stepan was one of 23 restricted free agents who filed for salary arbitration earlier this month and was scheduled for a 10 a.m. arbitration hearing on Monday.
Stepan reportedly sought a one-year $7.25 million contract, with the Rangers offering $5.2 million for one season. He made an average of $3.075 million in the last two seasons.
Stepan had 16 goals and 39 assists with a career-high +26 rating in 68 regular-season games for New York last season, becoming the first Rangers center to record 50 or more points in three straight seasons since Wayne Gretzky accomplished the feat from 1996-97 to 1998-99.
Stepan added five goals and seven assists in 19 Stanley Cup Playoff games, including a series-clinching overtime goal against the Washington Capitals in the second round. New York lost in seven games to the Tampa Bay Lightning in the Eastern Conference Finals.
In five NHL seasons with the Rangers, Stepan has 89 goals and 163 assists.
- Scooby Axson