Teravainen, who could have become a restricted free agent on July 1, is second on the Hurricanes in points (39), assists (29) and power-play points (12) this season. The 24-year-old forward has 145 points (48 goals, 97 assists) in 211 games with Carolina since being acquired in a trade with the Chicago Blackhawks on June 15, 2016.
"Teuvo has improved every year of his NHL career and has established himself as a cornerstone forward for the Hurricanes now and into the future," Hurricanes general manager Don Waddell said. "He has shown that he is capable of adapting and expanding his role with our team, becoming a key penalty killer for [coach Rod Brind'Amour] this season. He's still just 24 years old and we believe he will only continue to grow as a player."
Selected by the Blackhawks in the first round (No. 18) of the 2012 NHL Draft, Teravainen has 189 points (65 goals, 124 assists) in 326 NHL games and 11 points (four goals, seven assists) in 25 Stanley Cup Playoff games.