Fontaine's agent, Neil Sheehy, said the deal was worth $2 million.
The 26-year-old Fontaine had 13 goals and eight assists for 21 points and a plus-6 rating in 66 regular-season games as a rookie in 2013-14. He added two points in nine playoff games.
Fontaine finished tied for the fourth on the team in goals and tied for 12th among NHL rookies. His 11 regular-season goals were the third highest and his plus-minus rating the second highest by a Wild rookie in team history.
One of the highlights of his rookie season with a hat trick against the Coyotes on Jan. 9 --.the first time a Wild rookie scored three goals in a game in franchise history.
In two seasons with the Houston Aeros of the American Hockey League, Fontaine totaled 111 points (39 goals, 72 assists) in 137 games. He was an undrafted free agent out of Minnesota-Duluth in 2011.