Frolik had 42 points (15 goals, 27 assists) in 81 games with the Jets last season. The two sides were scheduled to go to salary arbitration on Thursday.
"He plays with energy, he kills penalties, he's versatile," Jets general manager Kevin Cheveldayoff said. "It really comes back to that he's just a tremendous person on and off the ice."
The 26-year-old native of Kladno, Czech Republic, has 193 points and 137 penalty minutes in 430 games with Florida, Chicago and Winnipeg.
Frolik was acquired by the Jets from the Chicago Blackhawks on June 30, 2013, for Winnipeg's third and fifth-round picks in the 2013 draft. He was originally drafted by the Florida Panthers in the first round (10th overall) in 2006.