The Slovakian forward will earn $7.5 million per year.
Gaborik played his entire seven-year career with the Wild, scoring 219 goals and 437 points in 502 games. Injuries limited Gaborik to just 13 goals and 23 points in 17 games this season. Gaborik set career highs in goals (42), assists (41) and points (83) in 77 games during the 2007-2008 campaign.
The 27-year-old was Minnesota's first pick (third overall) at the 2000 NHL Entry Draft.
(Update: For those of you who originally saw 5.5, that was what was originally posted on TSN. 7.5 is the updated number, so take it for what it is worth. We will have more on this tomorrow.)