The Toronto Maple Leafs have signed defenseman Dion Phaneuf to a seven-year contract extension, the team announced Tuesday.
TSN reported Saturday that the Maple Leafs and their captain were negotiating a deal worth $49 million.
Phaneuf, 28, was playing in the last season of a six-year, $39 million deal which carries a $6.5 million cap hit.
With Phaneuf signed, the Maple Leafs have $50.1 million in 2014-15 cap payroll with 13 players signed, according to CapGeek.
He has four goals and 11 assists in 39 games this season.