As of yet (February 20, 2026), Evgeni Malkin has not spoken to the Pittsburgh Penguins about an extension. It was reported that Malkin and General Manager Kyle Dubas were scheduled to meet during the Olympic break to discuss where both sides want to go. Although there have been rumors of a one-year extension, no such extension has been signed.
His current contract – a four-year, $24.4 million deal (with an AAV of $6.1 million) – expires at the end of the 2025-26 season, making him an unrestricted free agent this summer.
Recent reports from reliable sources like David Pagnotta (The Fourth Period) and others indicate strong mutual interest in a short-term extension to keep Malkin in Pittsburgh for a 21st season alongside Sidney Crosby and Kris Letang. Nothing is guaranteed, but Malkin would like to play another year and the Penguins have seen his production this season and are reportedly considering letting him walk.
Malkin (age 39) is open to a one-year, possibly lower cap contract (he’s reportedly willing to take a pay cut from his current $6.1 million). The Penguins seem susceptible based on how the season has gone: Malkin has 44 points in 41 games.
What is the delay in contract negotiations?
There were plans for Penguins GM Kyle Dubas and Malkin’s agent JP Barry to discuss terms during the Olympic break, but as of Feb. 19-20, those talks had not yet taken place. They are still expected to happen soon, possibly before or just after NHL play resumes next week.
As for the delay, it could simply be to give Malkin the same break as other NHL players who weren’t part of the Olympics.
There has been no official announcement from the Penguins or Malkin, so all reports remain speculative. Older reports (from earlier in the season or offseason) included some conflicting takes, such as one that suggested there would be no extension offer. The latest information points to ongoing discussions and a likely one-year extension.
Next: Any truth to the Canadiens and Bobrovsky trade rumors?
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