Teravainen's been a reliable offensive contributor for the goal-starved Hurricanes this season. He ranks second on the team in points with 39 in 48 games - 12 points more than the team's third-leading scorer, Justin Williams.
He had a breakout 64-point campaign a year ago, and the crafty Finn has built nice chemistry with countryman Sebastian Aho during his time in Raleigh.
Teravainen gained prominence during the 2015 playoffs, where he posted 10 points in 18 games for the Chicago Blackhawks en route to their most recent Stanley Cup victory.
A little over a year after his stellar postseason performance, the Blackhawks traded Teravainen, along with Bryan Bickell, to the Hurricanes in exchange for a second- and a third-round pick. The trade turned out to be one of former Carolina general manager Ron Francis' best moves.
Teravainen, 24, was set to become a restricted free agent July 1. With his deal taken care of, GM Don Waddell will likely turn his attention to Aho, the club's leading scorer, who is set for restricted free agency this summer.