General Manager Pete D’Alessandro announced the signing in a statement, but did not disclose terms of the contract.
Cousins is going into his fourth year with the club. He was picked fifth in the 2010 NBA Draft out of the University of Kentucky. He has averaged 16.3 points, 9.8 rebounds, 2.3 assists, 1.3 steals, and 29.8 minutes per game in 220 career games.
He also was suspended three times last year by the NBA for hitting Dallas Mavericks player O.J. Mayo in the groin and for confronting San Antonio Spurs broadcaster Sean Elliott over comments Elliott had made, and a third by the team for conduct detrimental to the club. Cousins led the the NBA in technical fouls with 17, and was second in ejections with four.
Former NBA All-Star Shaquille O'Neal is now a minority owner of the Kings. He says he will fill a mentoring role with the team in part to address Cousins' lapses in discipline.
Cousins has missed just two games due to injury since entering the league.