The Vancouver Canucks and star forward Elias Pettersson have made significant progress on a contract extension, sources told Daily Faceoff's Frank Seravalli.

While not yet completed, the new deal is expected to be for eight seasons and could be finalized in the coming days, Seravalli added.

Pettersson is a pending restricted free agent but could become unrestricted in 2025. His current cap hit is $7.35 million on a three-year pact signed in 2021. It's possible Pettersson's new deal could exceed the $11.5-million average annual value that Toronto Maple Leafs winger William Nylander signed for in January - the last major NHL deal to be handed out.

The 25-year-old Swede is on pace to eclipse the 100-point mark for the second consecutive campaign, as he's tallied 29 goals and 46 assists in 61 games for the NHL-leading Canucks this season.

The Canucks drafted Pettersson fifth overall in 2017. He won the Calder Trophy in 2018-19 and has recorded 398 points in 386 career games.

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