Lafrenière will count just over $2.3 million against the salary cap each of the next two seasons as part of the deal completed Wednesday.
The Saint-Eustache, Quebec, native was the first pick in the 2020 draft. Since making his NHL debut in early 2021, Lafrenière has 100 points on 49 goals and 51 assists in 243 regular-season and playoff games.
He's coming off setting a career high with 39 points.
Lafrenière, who turns 22 in October just before the season starts, was one of the remaining restricted free agents unsigned late in the offseason. Anaheim's Trevor Zegras and Philadelphia's Morgan Frost are among the nine left without a contract.
The Rangers are counting on Lafrenière to be part of their young core of players to make them a Stanley Cup contender. They reached the playoffs last season but lost in the first round to the rival New Jersey Devils.
New York earlier this summer re-signed defenseman K'Andre Miller, also a restricted free agent, to a two-year contract worth $7.7 million.
AP NHL: https://apnews.com/hub/NHL
Stephen Whyno, The Associated Press