The 23-year-old was acquired from Philadelphia earlier this summer in a trade that saw Jason Smith and Joffrey Lupul go to the Flyers.
Pitkanen had been scheduled for a salary arbitration hearing after the Flyers requested one - something teams can now do under the collective bargaining agreement.
He had a second consecutive 40-point plus season while earning $2 million last year. Pitkanen finished with 43 points (four goals, 39 assists) in 77 games.