The deal is reportedly worth $2.35 million for the 2014-15 season and $2.6 million in 2015-16.
The sides had an arbitration hearing scheduled for later on Wednesday.
The 23-year-old had career highs of 17 goals and 37 points in 66 games last season, and five goals and 13 points in 15 Stanley Cup playoff games.
Financial terms were not disclosed, but TSN reported the deal is for $12 million, with O'Reilly being paid $5.8 million 2014-15 and $6.2 million in 2015-16.
O'Reilly, 23, had a team-best 28 goals last season and set career-highs in goals and points (64). He won the Lady Byng Trophy after being assessed only two penalty minutes while playing 80 games. He also had two goals and four assists in seven Stanley Cup playoff games.
The Winnipeg Jets agreed to terms with defenseman Ben Chiarot on a one-year, two-way contract worth $600,000, the team announced.
Chiarot, 23, played in 65 games with St. John's of the American Hockey League last season, recording 20 points (six goals, 14 assists) and 96 penalty minutes. He played in his first NHL game last season for Winnipeg against the Chicago Blackhawks on Nov. 2.
The Buffalo Sabres signed defenseman Andre Benoit to a one-year contract, the team announced.
Benoit played with the Colorado Avalanche in 2013-14, appearing in 79 regular-season games and recording a career-high 28 points (seven goals, 21 assists). He also played in seven playoff games with the Avalanche and had an assist.
The 30-year-old Benoit played parts of two seasons with the Ottawa Senators. In 120 career NHL games, Benoit has registered 39 points (10 goals, 29 assists) and 40 penalty minutes.
(Editing by Mark Lamport-Stokes)
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