The 22-year-old forward was a restricted free agent and avoided a salary arbitration hearing scheduled for Wednesday.
Lundestrom had an NHL career high in goals (16) assists (13) and points (29) in 80 games for the Ducks last season. He also tied the Ducks record for most shorthanded goals in a season (four, Corey Perry in 2010-11).
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Selected by the Ducks in the first round (No. 23) of the 2018 NHL Draft, Lundestrom has 44 points (22 goals, 22 assists) in 151 regular-season games.
The Ducks, who finished seventh in the Pacific Division last season (31-37-4), have not made the Stanley Cup Playoffs since 2017-18.