Penguins General Manager Craig Patrick made the announcement Sunday while his team was playing the Calgary Flames.
"We think it's best for Marc-Andre and ourselves long-term," Patrick said.
Fleury, the top overall pick in the 2003 draft, has an incentive-laden contract that calls for a $3 million as soon as he plays at least one period in 25 games. The cash-strapped Penguins have considered returning Fleury to his junior team and Patrick admitted financial considerations would factor in the decision.
The 19-year-old has played 16 games, going 4-9-2 with a shutout, a 3.15 goals-against average and .911 save percentage.
Fleury starred at last year's world junior tournament, earning top goalie honors.
Notable deaths of 2014 [PHOTOS]
UPI Sports Results for September 19, 2014