UPDATE: 2:30PM: Jagr's deal is worth between $5-$6 million a year depending on bonuses. (Renaud Lavoie)
The 42-year-old signed a one-year, $2 million deal with the Devils in July 2013. He was rumored to have another $2 million in incentives.
Jagr scored 24 goals with 43 assists in 82 games with the Devils in the 2013-14 season.
The Devils players voted Jagr as the team's MVP for the 2013-14 season.