The Knights and Subban were scheduled to have a hearing on July 20.
“We are pleased to announce this one-year contract for Malcolm. He’s been a valuable contributor to our team over the last two seasons,” Vegas general manager George McPhee said in a press release.
“We are excited to continue to work with Malcolm and help him reach his full potential as an NHL goaltender.”
The 25-year-old appeared in 21 games, including 20 starts, for the Golden Knights last season, recording a 2.93 goals-against average and a .902 save percentage. It was his second season in Vegas after being claimed off waivers from the Boston Bruins.
The Toronto native was selected in the first round (24th overall) by the Bruins in the 2012 NHL Draft.