Petersen's extension begins in the 2022-23 season. He will play the upcoming season under a three-year, $2.575 million deal signed in July 2019.
Petersen went 9-18-5 last season for the struggling Kings, but established career-bests in goals-against average (2.89) and save percentage (.911). He appeared in a team-leading 35 games while assuming the role of No. 1 goalie in the absence of Jonathan Quick due to injury.
The 26-year-old Petersen, an Iowa native and Notre Dame product who signed with the club as an unrestricted free agent four years ago, also backstopped the U.S. team to a bronze medal at the IIHF world championships this summer. He is 19-25-6 with a 2.79 GAA, .916 save percentage and one shutout in 54 NHL appearances.
Quick, a two-time Stanley Cup champion and the Kings' starting goalie since the 2008-09 season, appeared in just 22 games last season while dealing with injuries. He had shoulder surgery during the offseason.
The 35-year-old Quick will make $5.8 million in each of the next two seasons to complete the 10-year contract extension given to him by former general manager Dean Lombardi. Quick signed the extension in 2012, shortly after winning the Conn Smythe Trophy while leading the Kings to their first Stanley Cup title.