According to both reports, the contract has an out clause which would allow 22-year-old, who had been playing for HC Sochi, to return to the KHL if he wishes.
Rykov was acquired from the Devils at the 2018 trade deadline as part of a package the Rangers received in exchange for Michael Grabner. The Rangers used the second-round pick acquired in that trade to move up four spots to No. 22 in the 2018 NHL Draft to select K'Andre Miller. The Devils took Rykov in the fifth round of the 2016 draft.
Rangers assistant general manager Chris Drury recently told The Athletic that the 6-foot-3 Rykov "played a ton" for Sochi after getting traded from SKA.
"His minutes were incredible in the playoffs (21:36 average), so he was counted on," Drury said. "He's a big heavy lefty D-man, counted on in a lot of different ways. As he got his confidence and was playing more in the KHL he was able to provide some offense.
"Big thick kid, really a man's body already."