Penguins Preparing One-Year Extension Offer for Malkin

As of right now (February 20, 2026), Evgeni Malkin has not spoken with the Pittsburgh Penguins about an extension. It was reported that the plan was for Malkin and GM Kyle Dubas to meet over the Olympic break to discuss where both sides want to go. While a one-year extension has been rumored, no such extension has been signed.

His current contract—a four-year, $24.4 million deal (with a $6.1 million AAV)—expires at the end of the 2025-26 season, making him an unrestricted free agent this summer.

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Recent reports from reliable sources like David Pagnotta (The Fourth Period) and others indicate strong mutual interest in a short-term extension to keep Malkin in Pittsburgh for a 21st season alongside Sidney Crosby and Kris Letang. Nothing is guaranteed, but Malkin would like to play one more year and the Penguins have seen his production this season and reportedly pivoted about letting him walk away.

Malkin (age 39) is open to a one-year deal, potentially at a reduced cap hit (he’s reportedly willing to take a pay cut from his current $6.1M). The Penguins appear receptive based on how the season has gone—Malkin has 44 points in 41 games.

What’s The Delay in the Contract Talks?

Plans were in place for Penguins GM Kyle Dubas and Malkin’s agent J.P. Barry to discuss terms during the Olympic break, but as of February 19-20, those talks hadn’t happened yet. They’re still expected to occur soon, possibly before or right after NHL play resumes next week.

As for the delay, it could simply be to let Malkin have the same break as other NHL players who were not part of the Olympics.

No official announcement has come from the Penguins or Malkin, so any reports remain speculative. Older reports (from earlier in the season or offseason) had some conflicting takes—like one suggesting no extension offer was coming. The latest intel points to ongoing talks and a likely one-year extension.

Next: Any Truth to Canadiens and Bobrovsky Trade Rumors?