Voracek's deal will reportedly pay him $66 million US over eight years, and will go into effect following the 2015-2016 season.
The 25-year-old led the Flyers with 59 assists and 81 points in the 2014-2015 season. His assist total ranked him second in the league.
Voracek, a native of Kladno, Czech Republic, was the team captain at the 2015 World Championship, scoring 10 points in the tournament as the team earned a fourth-place finish.
The right-winger was acquired by the Flyers from Columbus in 2011 in the Jeff Carter trade, and has posted 238 points in 290 games in Philadelphia.
The six-foot-two 214-pounder has 372 points in 531 games through seven seasons with the Blue Jackets and Flyers.