That amounts to an average annual valuation of $5.25 million, making Niederreiter the team's third-highest paid forward.
"Nino has had a big impact on our club during the last four seasons and we're very happy to know that will continue in the future," said general manager Chuck Fletcher. "He's grown into his role as one of the offensive leaders of this group and his shot and net-front presence will continue to play a major role in our team's success.
"Nino has a great attitude and personality, and we know our fans will be as happy as we are about this news."
The two sides were scheduled for an arbitration hearing on Aug. 3.
Niederreiter, who will turn 25 prior to the start of this coming season, set career highs in goals (25), assists (32), total points (57), power-play goals (8), power-play assists (6), power-play points (14), and shots on goal (186) in 2016-17.
He's entering his fifth season with the Wild after being acquired from the New York Islanders, who selected him fifth overall at the 2010 NHL Draft.
Minnesota will now focus attention on Mikael Granlund, who remains an unsigned RFA.