The Vancouver Canucks announced Saturday they signed star forward Elias Pettersson to an eight-year contract extension.

Pettersson's deal carries an average annual value of $11.6 million, Sportsnet's Elliotte Friedman reports. The contract also features a full no-movement clause beginning in 2025-26, according to CapFriendly.

He'll be Vancouver's highest-paid player when the deal kicks in next season and the fifth-richest in the NHL behind Auston Matthews, Nathan MacKinnon, Connor McDavid, and Artemi Panarin.

"This is a very exciting day for me and my family," Pettersson said in a release. "I am very happy to be continuing my career as a member of the Vancouver Canucks. I love this city and playing in front of the fans. We have an exciting group and believe we can do good things in the future."

Pettersson was scheduled to become a restricted free agent this summer and previously stated he was against negotiating a new deal during the season. However, it was reported earlier this week the two sides made significant progress on an extension after the Canucks engaged in trade talks with the Carolina Hurricanes.

The 25-year-old is in the midst of another All-Star season with 75 points in 62 games. Pettersson's amassed 165 goals and 233 assists in 387 contests since entering the NHL in 2018-19.

Vancouver is projected to have $24.7 million in cap space this offseason after signing Pettersson, according to Cap Friendly. However, the club only has 12 players signed for 2024-25.

The Canucks are currently pacing the Pacific Division and are on track to make the playoffs for the second time in Pettersson's career. They appear to be all-in for their pursuit of the Stanley Cup, having acquired Elias Lindholm and Nikita Zadorov in separate trades earlier this season.

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