According to Sportsnet's Elliotte Friedman, general manager Ron Hextall was aiming for a three-year deal with Malkin, but they were not close to an agreement.
On Rust's side, negotiations are going well and Kris Letang's is at a standstill.
In 60 games this season, Rust had a breakout season, with 58 points, on the same three-way line as Sidney Crosby. He added eight points in seven playoff games. His salary was $3.5 million this season.
Defenseman Kris Letang also had a great season with 68 points in 78 games.
Finally, Malkin had 42 points in 41 games.