The New York Islanders forward is expected to make a long-term commitment to the NHL team, which has called a Thursday afternoon press conference to make an "announcement regarding the future of John Tavares."
A source confirmed for The Canadian Press that Tavares has agreed to a US$33-million, six-year extension that will keep him under contract through 2017-18. The new deal kicks in after his entry-level contract expires next summer and will carry a cap hit of $5.5 million per season.
Tavares led the Islanders in points each of his first two NHL years and had goal totals of 24 and 29.
There had been speculation the native of Oakville, Ont., wanted to leave Long Island -- particularly during a long losing streak last season -- but he's long expressed a desire to stay.
In 161 career NHL games with the Islanders, Tavares has 53 goals and 121 points.