The deal is worth $5.65 million total, $2.825 million a season on average, a source told ESPN's Pierre LeBrun.
Murray, 22, has four goals and 13 assists this season, and 32 penalty minutes. He ranks second among team defensemen in goals and points, and third on the team in on-ice average (22:27).
"Ryan Murray is a talented, smart player who has been a very steady performer on our blue line and we are extremely happy to have this deal completed," Kekalainen said. "Ryan has earned more ice time, showed steady improvement and contributed in all situations for us throughout the season. We look forward to his continued growth and development with our club."
Murray was Columbus' first pick, second overall, of the 2012 draft.