Center Brayden Schenn agreed to a four-year contract with the Philadelphia Flyers, a deal announced by the club on Monday just as an arbitration hearing was scheduled to begin.
Schenn is slated to earn $20.5 million during the life of the contract, according to TSN.
Schenn, who had one season left on his existing two-year, $5 million deal, had filed for salary arbitration. He would have been a restricted free agent after the upcoming season.
The 24-year-old had his most productive season as a pro in 2015-16, netting career highs in goals (26), assists (33) and points (59).
The Flyers acquired Schenn, forward Wayne Simmonds and a draft pick from the Los Angeles Kings in June 2011 in exchange for Mike Richards and Rob Bordson.