It's a two-year contract carrying an annual cap hit of $2.425 million, according to CapFriendly.
Georgiev was a restricted free agent. He had a salary arbitration hearing scheduled for Oct. 31.
The 24-year-old went 17-14-2 with a .910 save percentage and 0.12 goals saved above average over 34 games in 2019-20. He split time in the Rangers' crease with Henrik Lundqvist and Igor Shesterkin, the latter of whom he's expected to back up next season.
Georgiev is coming off his rookie pact, which carried an annual cap hit of $792,500. He's spent three NHL seasons with New York since the team signed him as an undrafted free agent in 2017.
He is the only Bulgarian-born player in NHL history.
The Rangers bought out the final year of Lundqvist's deal on Sept. 30.