Binnington had been a restricted free agent and avoided arbitration by agreeing to the deal on Saturday.
"I'm happy to get this deal done with the St. Louis Blues," Binnington told the team's website. "To the city of St. Louis, thank you for welcoming me in and trusting me to do me. I'm excited and motivated to keep doing my job and keep bringing success to the St. Louis Blues organization."
Binnington, who turned 26 on Thursday, couldn't have helped himself more this season. Working off his third straight one-year contract and sitting fourth on the depth chart at the beginning of the campaign, Binnington took control of the Blues crease in January and led St. Louis to the Stanley Cup.
In the wake of the Game 7 win over the Bruins, even general manager Doug Armstrong admitted that Binnington was looking at a "big pay raise."
"We are pleased to have Jordan signed for two more years," Armstrong said in a statement Saturday. "His play was outstanding and we look forward to seeing him continue to be a major contributor for our team."
Binnington played in 32 games during the regular season and posted a 1.89 goals-against average and .927 save percentage, leading the Blues from the worst record in the NHL to the playoffs. In the postseason, he won a rookie-record 16 games, posting a 2.46 GAA and .914 save percentage.
The Blues' goaltending situation is complicated by the fact that Jake Allen, who began last season as the starter, is still on the books for two more seasons with a cap hit of $4.35 million.