Malkin, 26, agreed to the deal worth $76 million. It begins with the 2014-15 season and runs through 2021-22. He joins Sidney Crosby, who signed a 12-year contract extension with Pittsburgh last June, as star players under long-term deals with the team.
Malkin was voted the Hart Trophy as the NHL's most valuable player in 2012 after leading the league in scoring with 109 points (50 goals). He had nine goals and 24 assists in the shortened 2012-13 season, a production level hampered by injuries.
In 458 regular-season games with the Penguins, Malkin has 217 goals and 343 assists. His 560 points is seventh-most in franchise history.
Malkin was the No. 2 overall selection in the 2004 NHL draft and won the Calder Trophy as the league's top rookie in 2007. He captured the Conn Smythe Trophy as the playoff MVP in helping the Penguins to their most recent Stanley Cup title in 2009.