The Stanley Cup champions announced the deal Wednesday with King, a two-time Cup winner.
King set career highs with 15 goals and 15 assists in 77 games last season, adding three goals and eight assists in the playoffs.
King has been a dependable two-way forward for Los Angeles throughout its run to two NHL titles in three years, playing in all 64 of the Kings' postseason games during that stretch.
He is a favorite of coach Darryl Sutter for his defensive play and penalty-killing acumen.
King and Los Angeles were scheduled for an arbitration hearing Friday in Toronto. The Kings have no remaining arbitration cases.