It's a two-year deal worth $4.5 million, according to ESPN's Katie Strang, and it comes out to a salary cap hit of $2.25 million per year.
In 48 games with the Rangers last season Hagelin scored 10 goals to go with 14 assists in 48 games.
The point totals aren't huge, but Hagelin has proven to be an extremely valuable player for the Rangers over the first two years of his career, and there seems to be the potential there for even more production.
He plays against reasonably tough competition at even strength and has some of the best possession numbers on the team, while his speed always seems to cause issues for opposing defenses.
Hagelin is the second restricted free agent the Rangers have signed this week after agreeing to a long-term contract with defenseman Ryan McDonagh on Monday.