His arbitration hearing was scheduled for Friday in Toronto. Roy will earn an average of $4 million per season, a huge raise over the $627,000 he made last season.
The 24-year-old had a career-high 63 points (21-42) in 75 games in 2006-07, his third NHL season. He was also a plus-37 - fifth-best among all NHL skaters.
"Derek is a solid young player who will only continue to improve," Sabres GM Darcy Regier said in a statement. "He will play an increased role for our club, and we look forward to having such a quality player in our organization for many years to come."