The deal reportedly has an average annual value of $4.9 million.
A late-season acquisition from Columbus, Gaborik became a playoff hero, scoring a league-best 14 postseason goals and helping the Kings capture their second Stanley Cup title in three years.
Gaborik, 32, finished one goal shy of matching the Kings' franchise record set by Wayne Gretzky in 1993. He had just five goals in 19 games following the March 5 trade.
The native Slovakian was selected third overall by the Minnesota Wild in the 2000 NHL Entry Draft and he played eight seasons with the Wild before signing as a free agent with the New York Rangers in July 2009. The Rangers dealt him to the Blue Jackets at the 2013 trade deadline.
Gaborik has registered 347 goals and 357 assists in 810 career games.