Maybe... but that's risky. His career earnings are only ~24 million. Deduct his taxes and other expenses, and I doubt he has much more then 6-8 million in the bank. A "prove it" type contract, while could be very lucrative... could also back fire significantly if things don't work out - and Pittsburgh has the depth that if he's not on his game, that they can easily shuffle him down. And unless Rust misses some time or doesn't get signed, Rakell might not even see PP1 - that too will be a hit to his production. He'd likely be better off taking a 2-3 yr deal that keeps him in his early 30s (next season will be his 29 yr season) while still getting him some coin vs singing a 4-5 yr deal unless the number is closer to 5m, as that deal would take him closer to 35 where it'll be harder to get that long term contract. 4 years would be his 32 yr old season and 5 years would be his 33 yr old season. Makes the contract after this one interesting and more challenging. Unless he's getting a long term offer (and I doubt it unless he excels), I think he is going to have to be thinking of the next contract (after the one he'll sign this summer) just as much as he'll think about the upcoming contract.
It'll be interesting to see how PIT works the cap this summer. Gotta think that Zucker is gone unless he goes on a tear once he's back. Likely one of MP or Mathesson as well - MP would be my guess. But even if Malkin and Letang sign decent team friendly contracts, they still have Kapanen, Heinen, Rust, Rakell and Rodigues to sign (although I'd probably let ERod walk). They currently have ~30m in cap space for next season, Malkin and Letang are likely to take up ~half of that (give or take a little). That's not much money to sign those 4 without moving out other salary.