The big problem with "Geno" is that he has only played 1 full-healthy season since the start of his career in the NHL, and that's maybe a reason why some teams could be reluctant to give him a big contract.
With that being said, reporter Dan Kingerski projected that Malkin will get a 2-year, 7M$ (per year) contract on his next deal. It also means that he will probably stay in Pittsburgh as the length of the contract was the biggest issue.