The two sides were set to have an arbitration hearing on Wednesday. Mikheyev filed for a one-year contract with a value of $2.7 million and the team filed for two years at an average annual value of $1 million, according to Sportsnet's Elliotte Friedman.
Mikheyev appeared in 39 regular-season games during his rookie campaign, registering eight goals and 15 assists. He was cut by a skate on his wrist in December but was able to return for the playoffs.
Prior to joining the Maple Leafs, Mikheyev spent four seasons in the KHL, in which he racked up 62 goals and 60 assists in 224 games.