The deal is reportedly for $35.4 million over the six-year period.
The 20-year-old, who was the No. 2 selection in the 2013 draft, has 30 points on 12 goals and 18 assists in 38 games this season. In 163 career games in the NHL, the Finland native has 36 goals and 54 assists.
The Panthers are expected to announce Barkov’s extension Tuesday. Without the deal, Barkov would have been a restricted free agent at the end of the season.
Florida is currently in first place in the Atlantic Division with a record of 28–15–5.
The Panthers face the Toronto Maple Leafs on Tuesday night.