Auston Matthews' contract extension with the Toronto Maple Leafs "appears imminent," according to TSN's Bob McKenzie.

Matthews is reportedly expected to land a five-year deal with an average annual value of $11.5 million, "give or take $100,000 or $200,000," McKenzie adds.

Both sides reportedly wanted the maximum eight-year contract when talks began, but a five-year deal will keep the cap hit down and allow the Maple Leafs to retain their core for a more extended period.

An $11.5-million cap hit would make Matthews the second-highest-paid player in the league, trailing only Connor McDavid's $12.5-million annual average. Matthews would also be making $500,000 more per season than teammate John Tavares, who inked a seven-year, $77-million contract with Toronto last summer.

Matthews missed 14 games with a shoulder injury earlier this season, but has still scored at a 50-goal pace, notching 23 tallies with 23 assists in 38 games.

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