The 32-year-old Slovakian right wing scored a league-high 14 goals in the NHL playoffs, which ended with the Kings beating the New York Rangers for their second title in three seasons.
Gaborik, who would have become a free agent had he not signed the deal, took his first championship in a 14-year NHL career that saw earlier stints with Minnesota, Columbus and the Rangers.
"Very excited to be a part of great team and great organization LAKings for the next 7years," Gaborik posted on Twitter.
In an injury-nagged regular season, Gaborik managed only 11 goals in 41 games, but joined Colorado's Claude Lemieux as the only NHL players to ever score more playoff goals than regular season ones while netting at least 10 in the same campaign.
Gaborik scored five goals in 19 games with the Kings after being obtained in a March 5 trade with Columbus.
In 810 career regular-season games, Gaborik has netted 347 goals while adding 32 goals in 80 playoff appearances. He also played for Slovakia in the 2006 and 2010 Winter Olympics.