Carey Price reaches eight-year extension with Canadiens

— -- Carey Price is in position to retire as a member of the Montreal Canadiens, after the team announced Sunday that he will receive an eight-year extension beginning in 2018-19.

According to multiple reports, the new deal will have an annual average value of $10.5 million. Price will be paid $2 million more per year than Henrik Lundqvist to become the highest-paid goalie in the NHL, and the average value matches that of? Jonathan Toews' and Patrick Kane's deals as the largest in the league.

The 29-year-old Price is going into the final season of a six-year contract with an annual cap hit of $6.5 million. He has played his entire 10-year career with Montreal.

Price is a five-time All-Star and was a finalist for the Vezina Trophy this year. He is 270-175-55 with a 2.40 goals-against average and .920 save percentage in 509 games over 10 NHL seasons. His best season came in 2014-15, when he led the league in wins (44), save percentage (.933) and GAA (1.96) on the way to winning the Hart, Vezina, Jennings and Ted Lindsay trophies.

The Canadiens now have Price and defenseman Shea Weber under contract through 2025-26.

ESPN Stats & Information and The Associated Press contributed to this report.