The deal is worth $6.5 million in total, with $4 million due in the final year, according to Elliotte Friedman of Sportsnet.
"Jonathan is a skilled and dynamic young player who will play an important role on our team for the future," general manager Dale Tallon said in a statement. "We want the best players and the best team. It's really starting to come together."
The 22-year-old, drafted third overall by the Panthers back in 2011, is entering his fourth NHL season and set career highs in 2014-15 with 15 goals, 39 assists, and 169 shots.
The term on the new deal suggests the Panthers want to see a bit more before making a long-term, big-money commitment. Huberdeau is well-positioned to demonstrate he's indeed a player the rising Panthers will continue to build around.
Huberdeau will earn $2.5 million in the first year and $4 million in year two.