Star center Elias Pettersson and the Vancouver Canucks have agreed to an eight-year contract extension worth $92.8 million, ending speculation about his future with the franchise.

Pettersson, 25, has 75 points in 62 games this season, including 29 goals. Over six NHL seasons, the center has 165 goals and 233 assists in 387 games. The Canucks drafted him fifth overall in 2017.

"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 said in a statement.

His contract carries an average annual value of $11.6 million, giving Pettersson the fifth-highest cap hit of any player in the NHL next season behind Auston Matthews of the Toronto Maple Leafs ($13.25 million), Nathan MacKinnon of the Colorado Avalanche ($12.6 million), Connor McDavid of the Edmonton Oilers ($12.5 million) and Artemi Panarin of the New York Rangers ($11.64 million).

His salary next season ($14.5 million) ranks behind only Matthews ($16.7 million) and MacKinnon ($16.5 million).

According to Cap Friendly, Pettersson's contract carries a full no-movement clause for the last seven seasons of the deal, which begins in 2024-25. Of the $92.8 million owed to Pettersson, $47 million of it will be paid out in signing bonuses.

The Pettersson contract comes almost two months after Maple Leafs winger William Nylander -- a fellow Swede -- signed a similarly structured deal with an average annual value of $11.5 million.

Pettersson's previous contract was a three-year deal with an average annual value of $7.35 million.

Pettersson was scheduled to become a restricted free agent this summer. There had been a swirl of speculation about whether he would commit to the Canucks long term, with that conversation growing its loudest in recent weeks in the Vancouver media. Multiple reports this week said Vancouver had trade talks with the Carolina Hurricanes centered around Pettersson.

But Vancouver general manager Patrik Allvin had expressed optimism about extending Pettersson as far back as last season and finally got it done.

"This is a very important signing for the Vancouver Canucks," Allvin said. "Elias is one of the top players in the National Hockey League and is a key member of our leadership group. We know his best days are ahead of him and with his high end skill and desire to be the best, we look forward to seeing Elias succeed and grow. This signing is another example of our ownerships' unwavering commitment to do whatever it takes to help us be a successful organization."

Vancouver has been one of the biggest surprises in the NHL this season. The Canucks' .669 points percentage leads the Pacific Division and is fourth in the NHL as they seek to return to the Stanley Cup playoffs for the first time since 2020.