The 27-year-old set career highs in wins (31) and starts (60) last season on his way to his first All-Star selection.
In three seasons with the Isles, Sorokin has played in 136 games (133 starts) and has a .924 save percentage and a 2.34 goals against average (GAA) to go along with 16 career shutouts. His six shutouts last season were the most in the NHL.
Sorokin has also made 13 playoff appearances and has gone 6-5 with a 2.70 GAA and a .925 save percentage.
New York selected the Russia native in the third round of the 2014 NHL Entry Draft after he had spent eight seasons with CSKA Moscow and Metallurg Novokuznetsk of the Kontinental Hockey League (KHL).
The contract will go into effect after the 2024-25 season.