The team said Wednesday the deal will pay him $2.8 million in 2010-11 and $4 million in 2011-12.
The 27-year-old Rinne has a 20-12-4 record in his second full NHL season. As a rookie in 2008-09, he was 29-15-4.
Rinne and Dan Ellis have split time in goal this season. He would have become an unrestricted free agent at the end of June.
Rinne, of Kempele, Finland, was an eighth-round draft choice in 2004.
He was on Finland's team in the world championships in May.