Malgin, 23, signed a one-year contract extension with Toronto last week, valued at $700,000.
The forward was acquired in a February trade with the Florida Panthers. Since then, he has played in eight regular season games for the Maple Leafs, recording two penalty minutes and a minus-3 rating.
Malgin has 28 goals and 60 points in 192 career NHL games with Florida and Toronto. He previously played in Switzerland's National League with ZSC Lions during the 2014-15 season.
The Olten, Switzerland native was originally selected by Florida in the fourth round (102nd overall) of the 2015 NHL Draft.