Raanta, who turns 27 this month, appeared in 25 games for the Blueshirts this past season. He was 11-6-2 with a 2.24 goals-against average, a .919 save percentage and a shutout.
Among goalies who have appeared in at least 15 games over the past two seasons, Raanta ranks second in the NHL in GAA (2.10) and save percentage (.926).
The two-year deal is reportedly worth $2 million.
“Great feeling to come back to @NYRangers thanks to the fans for a great first year and everybody who made NY feel like home!” Raanta posted on Twitter on Monday.
The Rauma, Finland, native was acquired in a trade with the Chicago Blackhawks last June in exchange for Ryan Haggerty. Raanta became the first goalie in Rangers history to win each of his four starts. He endured some struggles in the middle of the season, but rebounded to go 7-1 in his final eight starts.
Starting goalie Henrik Lundqvist, 34, is signed for five more seasons and has a no-trade clause.