Ruutu, 29, was set to become an unrestricted free agent at the end of the season and was the subject of trade speculation until he sustained an upper-body injury last week.
"Players like Tuomo are extremely difficult to replace, and it is very important for our franchise to keep him here long-term," Rutherford said. "Along with the physical elements and skill level that he brings on the ice, Tuomo is a popular leader in our locker room."
The eight-year NHL veteran has racked up 17 goals and 30 points over 57 games this season.
During his 517-game career with the Chicago Blackhawks and Carolina, Ruutu has amassed 128 goals, 295 points and 498 penalty minutes.