The deal will pay the 22-year-old $750,000 at the NHL level and $75,000 at the AHL level, with $125,000 guaranteed.
Geekie recorded three goals and nine points in 36 games with the Hurricanes this season and skated in three playoff games with the team. With the AHL's Chicago Wolves, the six-foot-two forward registered four goals and five points, and earned AHL Player of the Week honours.
"Morgan played well in his first full NHL season this year," Hurricanes president and general manager Don Waddell said in a statement. "We're excited for him to take the next steps in his development."
Since his NHL debut in March of 2020, Geekie has registered six goals and seven points. He was drafted by the Hurricanes in the third round of the 2017 NHL Draft, 67th overall.