The New York Rangers agreed to terms on a one-year contract with forward Kevin Hayes on Monday, the team announced.

The deal will pay Hayes $5.125 million, according to Larry Brooks of the New York Post, and saves both sides from going through an arbitration hearing that had been scheduled for Thursday.

Hayes is coming off a two-year, $5.2-million contract and will now become an unrestricted free agent next offseason. Last season, the 26-year-old set a career high with 25 goals and added another 19 assists in 76 games.

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