Gustavsson, coming off a career-high 31-win season, was in the final year of his contract heading into the 2025-2026 season.
The 27-year-old posted a 31-19-6 record last season with a 2.56 goals-against average and a .914 save percentage that ranked fourth-best among goalies with at least 50 games.
Gustavsson joined Linus Ullmark and Samuel Ersson as the three goalies for Team Sweden during last year's 4 Nations Face-Off. He also became the only goalie in Wild history to score a goal.
Originally selected in the second round of the 2016 NHL Draft by the Pittsburgh Penguins, Gustavsson made his NHL debut during the 2020-2021 season as a member of the Ottawa Senators, where he spent the following season before being dealt to Minnesota.
His 58 starts during the 2024-2025 season were a career high and his numbers were a career best as a full-time starter, earning his new contract.