All-Star defenseman Erik Karlsson will sign an eight-year deal worth about $11.5 million per season to remain with the San Jose Sharks, according to multiple reports on Monday.
His contract will be among the NHL's richest in annual average value. Connor McDavid of Edmonton is the league's highest-paid player, with a $12.5 million annual average value.
Karlsson, 29, could have become the league's marquee free agent this offseason as he reached the end of the seven-year, $45.5 million contract he signed with the Ottawa Senators, who selected him No. 15 overall pick in the 2008 NHL Draft.
The Senators traded Karlsson and Francis Perron to San Jose last September, receiving Chris Tierney, Rudolfs Balcers, Dylan DeMelo, Joshua Norris, and a first-round pick and a second-round pick. The Senators also will receive another second-round pick once Karlsson re-signs with San Jose under terms of the trade agreement.
Karlsson is a two-time winner of the NHL's Norris Trophy (2012 and 2015) and a six-time All-Star.
Limited to 53 games last season with a groin injury, Karlsson had 45 points (three goals, 42 assists).
In 680 career NHL games, Karlsson has 563 points (129 goals, 434 assists).
The Sharks will have additional decisions to make this offseason, with Joe Thornton and captain Joe Pavelski both eligible to become free agents.