RELATED: [NHL Free Agent Tracker]
Financial terms were not disclosed.
The 26-year-old center had 44 points, including an NHL career-high 25 goals, in 76 games with the Rangers last season. He can become an unrestricted free agent after this season.
Hayes was a restricted free agent with an arbitration hearing scheduled for Thursday.
He was selected by the Chicago Blackhawks in the first round (No. 24) in the 2010 NHL Draft but never signed with Chicago. The Rangers signed him as a free agent Aug. 20, 2014, after his senior season at Boston College.
Hayes has 174 points (73 goals, 101 assists) in 310 regular-season games with New York and 10 points (two goals, eight assists) in 34 Stanley Cup Playoff games.
